A. When a development contains all or any part of the site of a park, school or other public site as shown in the City General Plan or a specific area plan, such site shall be reserved for acquisition by the public, subject to the following conditions:
1. The requirement may only be made upon preliminary plats filed at least 30 days after adoption of the General Plan or specific plan affecting the land area to be reserved.
2. The required reservations are in accordance with definite principles and standards adopted by the City.
3. The land area reserved shall be of such size and shape as to permit the remainder of the land area of the subdivision within which the reservation is location to develop in an orderly and efficient manner.
4. The land area reserved shall be in such multiples of streets and parcels as to permit an efficient division of the reserved land in the event that it is not acquired within the prescribed period.
B. The public agency for whose benefit an area has been reserved shall have a period of one year after recordation of the final subdivision plat to enter into an agreement to acquire such reserved land area. The purchase price shall be the fair market value thereof at the time of filing of the preliminary subdivision plat 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 such reserved area including interest costs incurred on any loan covering such reserved area.
C. If the public agency for whose benefit an area has been reserved does not exercise the reservation agreement set forth in paragraph B within such one year period of such extended period as may be mutually agreed upon by such public agency and the subdivision, the reservation of such area shall terminate.
(Ord. 743, passed 4-10-86; Am. Ord. 2003-004, passed 2-13-03)