A. The public agency for whose benefit an area has been reserved shall, at the time of final map or final parcel map approval, enter into a binding agreement to acquire such reserved area within two (2) years after the completion and acceptance of all improvements. Such period of time may be extended by mutual agreement.
The purchase price for the reserved area shall be the market value thereof at the time of the filing of the tentative map or tentative parcel map, plus the taxes against such reserved area from the date of the reservation and any other costs incurred by the subdivider in the maintenance of the reserved area, including interest costs on any loan covering the reserved area.
B. If the public agency for whose benefit an area has been reserved does not enter into a binding agreement as described in subsection A of this section, the reservation shall automatically terminate. (Ord. 2000-05, 4-25-2000)