A. If the public park land is to be required, then the amount of land determined by section 12-473 of this article shall be reserved and delineated on the preliminary plat in a location approved by the planning commission and the appropriate portion thereof (as determined by the above formula) shall be dedicated or conveyed to the city at the time of recording the final plat.
B. To ensure that the appropriate portion of the delineated reserved park land shall be acquired by the city whenever a final plat is recorded which embraces part of the land included in the preliminary plat, the following procedure shall be followed: Approval by the planning commission of a preliminary plat wherein dedication of public park land is required shall be conditioned on the subdivider delivering to the city a fully executed "Park Land Reservation". Such park land reservation shall be submitted with the preliminary plat and be acknowledged by the subdivider before a notary public and shall meet the following standards:
1. It must give a legal description of the entire area embraced within the preliminary plat;
2. It must give a legal description of the delineated land and recite that such land is reserved for dedication or conveyance to the city for public park and recreational purposes.
3. It must warrant that the subdivider is the owner of all land embraced in the preliminary plat and, further, that the land delineated and reserved for public park and recreational purposes shall be conveyed to the city free and clear of any mortgages, liens or encumbrances.
4. It must recite that whenever a final plat is recorded covering any part of the land embraced within the preliminary plat, a proportionate part of the reserved park land shall be dedicated and conveyed in fee to the city and the owner of such proportionate part shall be stopped to deny the right of the city to acquire title to such proportionate part.
5. It must be accepted by the city council and filed for record with the county clerk with filing costs being paid by the subdivider.
C. Whenever the park land dedication requirements have been satisfied as to any preliminary plat upon which a park land reservation has been filed, the board will cause notice of satisfaction and release of the reservation to be executed and filed with the county clerk. (1986 Code)