When an area of land for public use (in addition to streets, alleys, pedestrianways and utility easements) is recommended by the Planning and Zoning Commission and required by the Village Board, to be located in whole or in part in a subdivision, the subdivider shall designate on the preliminary plat and final plat that such land is reserved for public use. If such land is not acquired or arrangements made for acquisition by the Village, a school board or other governmental body within one year after the date of acceptance of all improvements, such land may thereafter be used by the subdivider for a use permitted at its location by zoning regulations or, if applicable, in accordance with more restrictive protective covenant requirements. (Ord., 5-15-1974; amd. Ord. 1993-12, 8-24-1993)