(A) Conditions: The city may require that areas of real property within a subdivision or other residential, commercial or industrial development be reserved for parks and recreational facilities, fire stations, libraries or other public uses, such as, but not limited to, domestic water and sewage facilities subject to the following conditions:
1. The proposed use of the land reserved is in accordance with general plan policies and standards, any adopted specific plans and all provisions of this title.
2. The reserved area is of such size and shape as to permit the balance of the property, within which the reservation is located, to be developed in an orderly and efficient manner.
3. The amount of land reserved will not make development of the remaining land held by the developer economically unfeasible.
(B) Agreement: The city shall, at the time of approval of a final map, parcel map or approval of other residential, commercial or industrial development, enter into a binding agreement to acquire such reserved area within two (2) years after the completion and acceptance of all improvements, unless such period of time is extended by mutual agreement. The purchase price shall be the market value thereof at the time of filing the tentative map, or other development request, plus the taxes against such reserved area from the date of the reservation and any other costs incurred by the developer in the maintenance of such reserved area, including interest costs incurred on any loan covering such reserved area. If the city fails to enter into such a binding agreement, the requirement of reservation shall automatically terminate. (Ord. 805-14, 7-1-2014; amd. Ord. 823-16, 9-20-2016)