For the purpose of meeting reasonable requirements for parks, playgrounds, school grounds, and other public grounds to serve any proposed subdivision exceeding a gross area of 5 acres, and to facilitate the establishment and maintenance of such public facilities conveniently located near the lots located in the proposed subdivision, the plan commission or the city council may require that, at the time of approval of the plat by the city council, the subdivider will convey or dedicate for parks, playgrounds, school grounds, or other public grounds, as shall be determined and located by the plan commission, an amount of land in the proposed subdivision of not more than 10% of the gross area included in the subdivision. All land conveyed or dedicated shall be of sufficient size and character to meet the minimum frontage and area requirements for lots under the ordinances of the city, and shall otherwise be suitable for the purposes intended.
('69 Code, App. B, § 9.2)