No credit shall be given for private open space in the subdivision except as hereinafter provided. Where private open space usable for active recreational purposes is provided in a proposed planned development or real estate development as defined in Sections 11003 and 11003.1 of the Business and Professions Code, partial credit, not to exceed seventy-five percent shall be given against the requirement of land dedication or payment of fees in lieu thereof if the planning commission finds that it is in the public interest to do so and that all the following standards are met:
   A.   Yards, court areas, setbacks and other open areas required by the zoning and building ordinances and regulations shall not be included in the computation of such private open space; and
   B.   Private park and recreation facilities shall be owned by a homeowners association composed of all property owners in the subdivision and being an incorporated nonprofit organization capable of dissolution only by a one hundred percent affirmative vote of the membership, operated under recorded land agreements through which each lot owner in the neighborhood is automatically a member and each lot is subject to a charge for a proportionate share of expenses for maintaining the facilities; and
   C.   Use of the private open space is restricted for park and recreation purposes by recorded covenant which runs with the land in favor of the future owners of the property and which cannot be defeated or eliminated without the consent of the city or its successor; and
   D.   The proposed private open space is reasonably adaptable for use for park and recreation purposes, taking into consideration such factors as size, shape, topography, geology, access and location; and
   E.   Facilities proposed for the open space are in substantial accordance with the provisions of the recreation element of the general plan. (Ord. 461 § 1(part), 1984).