The type of ownership of land dedicated or provided for parkland, open space, or recreational purposes shall be selected by the developer, subject to the approval of the Planning Commission. Type of ownership may include, but is not limited to, the following:
(a) A legally established home-owner's association;
(b) The City of Louisville, subject to acceptance by the City Council;
(c) Public jurisdictions or agencies, subject to their acceptance;
(d) Quasi-public organizations, subject to their acceptance; or
Subject to permanent restrictions as set forth herein, required open space may be owned by an Association, the City, a Land Trust or other conservation organization recognized by the City of Louisville or by a similar entity. Required open space may be held by the individual members of a condominium association as tenants-in-common or may be held in common ownership by a homeowner's association, community association, or other similar legal entity. The City's Law Director shall review and approve all relevant documents pertaining to the ownership of parkland and open space.