The required amount of common open space land reserved under a planned unit development shall either be held in corporate ownership by owners of the project area for the use of each owner who buys property within the development or be dedicated to the Village and retained as common open space for parks, recreation and related uses. All land dedicated to the Village must meet the Planning Commissions's requirements as to size, shape, and location. Public utility and similar easements and right of way for water courses and other similar channels are not acceptable for common open space dedication to the Village unless such land or right of way is useable as a trail or other similar purpose and approved the Planning Commission. The responsibility for the maintenance of all open spaces shall be specified by the developer before approval of the final development plan.