Where the official comprehensive plan or the standards of the village call for a larger amount of park and recreational land or school sites in a particular subdivision or planned unit development than the developer is required to dedicate, the land needed beyond the developer's contribution shall be designated and reserved for subsequent purchase at "fair market value" or acquisition through condemnation by the village or other public body determined by the village, provided that such purchase is made or proceedings commenced to acquire the land so designated within one year from the date of approval of the final plat. (Ord. 91-21, 8-6-1991)