Whenever the city’s Comprehensive Plan or the standards established by the city indicates that a larger site than that required of the developer is to be dedicated by this subchapter, and said site is wholly within the proposed subdivision, the city may request a reservation of additional property adjoining the dedication site for subsequent purchase for park purposes. Such request shall include the designation of specific property to be reserved on the final plat and labeled a letter of intent stating the city’s intent to purchase the property at the fair market value at the time of final subdivision approval. The failure of the city to initiate acquisition proceedings within 60 days of notice by the city shall cause the termination of the “reserved” designation and will release said property for further development within the subdivision regulations of the city.
(Ord. 3319, passed 2-22-2005)