(a) The platting authority shall, in individual cases, waive the preparation, submission for approval, and recording of a plat upon satisfactory evidence that:
(1) Each tract or parcel of land will have adequate access to a public highway or street;
(2) Each parcel created is five acres in size or larger and that the land is divided into four or fewer parcels;
(3) The conveyance is not made for the purpose of, or in connection with, a present or projected subdivision development;
(4) No dedication of a street, alley, thoroughfare or other public area is involved or required.
(b) In other cases the platting authority may waive the preparation, submission for approval, and recording of a plat, if the transaction involved does not fall within the general intent of A.S. 29.40.070 through 29.40.190 and A.S. 40.15 if it is not made for the purpose of, or in connection with, a present or projected development and no dedication of a street, alley, thoroughfare, park or other public area is involved or required.