(a) Allowance of Credit. In the event a subdivider or developer provides private open space for park and recreation purposes and such space is to be privately owned and maintained by the future residents of the subdivision or development, or by the subdivider or developer, and in the event the Planning Commission determines that such private open space adequately fulfills the park and recreation needs of the proposed subdivision or development, the fair market value of such areas shall be credited against the land dedication and park development fee requirements of this chapter.
(b) Maximum Credit. Such credit however, shall be allowed only up to a maximum of two-thirds of the total required land dedication or fee in lieu requirements, and up to a maximum of two-thirds of the total required park development fee.
(c) Standards and Limitations. Notwithstanding, divisions(a) and (b) of this section, the credit for private open space shall be allowed only if the following standards are met:
(1) Yards, court areas, setbacks and other such open areas required to be maintained by the Zoning Code shall not be included in the computation of such private open space;
(2) Private ownership, development and maintenance of the open space shall be assured by valid and enforceable undertakings on the part of the subdivider or developer or otherwise, a copy of such undertakings to be submitted to the Planning Commission for review with the preliminary plat and a copy approved by the Planning Commission to be filed with the final plat;
(3) The use of the private open space is restricted for park and recreation purposes by recorded covenants that run with the land in favor of the future owners of property within the subdivision or development and which cannot, by their terms, be defeated or eliminated without the consent of the Planning Commission;
(4) The proposed private open space is reasonably adaptable for park and recreational uses, taking into consideration such factors as size, shape, topography, geology, access and location of the private open space land; and
(5) Facilities proposed for the private open space are reasonably compatible with those required by the London City Parks and Recreation Plan.
(Ord. 115-03. Passed 10-2-03.)