(A) Where a proposed ark, playground, open space, public school, library or other public use area shown in the duly adopted and published General Development Plan, or in an adopted applicable part of such plan, is located in whole or in part in a proposed subdivision, such area or areas shall be shown on the plat. Such area or areas may be dedicated to the Village or other applicable public agency by the proprietor if the Village Council or other applicable public agency approves such dedication, Such areas if not dedicated, shall be reserved by the proprietor for future purchase by the village or other appropriate public agency.
(B) The precise nature, location, and extent of the reservation shall be determined prior to tentative approval of the preliminary plat by the Village Council, The reservation shall be valid for a period of 1 year from the date on which the Council approves the final plat or such longer period as might be agreed to in writing by the proprietor. Unless during such 1-year period or agreed longer period the Council or other public agency shall have entered into a contract to purchase the reserved area or part thereof or instituted condemnation proceedings according to law to acquire the fee simple or a lesser interest in the reserved area or part thereof, the right to develop the reserved area shall revert to the proprietor at the end of the 1-year period or agreed longer period. The reservation shall freeze the price per acre of the reserved area for such 1-year period at the average value per acre on the date when the preliminary pint was first filed with the Clerk. Since the Village Council or other public agency has the option not to purchase the reserved property, the plat shall include provisions for incorporating the reserved area into the overall development should the area revert to the proprietor.
(1984 Code, § 5.585)