(A) Where any area is specifically designated on the Comprehensive Plan of the village, for a public park, playground, school or other public use, and is owned by the subdivider, the area shall be reserved for the use on all subdivision plans and plats; and the acquisition of the area may then be secured by the Village Board or arrangements be made for its acquisition within a period not to exceed one year from the date of approval of the final plan. The value of the lands shall be established by three qualified appraisers; one of whom shall be appointed by the Plan Commission, one appointed by the subdivider, and one of whom shall be mutually agreed upon by the other two.
(B) Should the Village Board decide to take the premises, then and in that case, it shall make arrangements to pay the subdivider the appraised value therefor as determined by the above described appraisers, or a sum that is mutually agreed upon. The Village Board may accept any donation of land as above described should the subdivider desire to contribute the same to the village.
(1994 Code, § 34-2-15)