(A)   Where a proposed park, playground, school site, or other public use area shown in the Comprehensive Land Use Plan for the village and adjacent unincorporated areas is located in whole or in part in a proposed subdivision, the Plan Commission or the Board of Trustees may require the designation or reservation of such area in whole or in part within the subdivision.
   (B)   When an area of land designated for school sites or other public facilities is located in whole, or in part, in a subdivision, the owner of the subdivision shall designate on the preliminary plat and final plat that such land is reserved for such use. The owner shall offer to sell such land to the school district, the village, or other governing body, for an amount equal to the fair market value of such land plus the cost of constructing the required public improvements to service such land. If such land is not acquired or arrangements made for acquisition within one year after the date of recordation of the final plat, such land may thereafter be used by the owner for a use permitted at its location.
(Ord. 97-7, passed 7-1-1997, § 6.1)