11-7-4: RESERVATION OF ADDITIONAL LAND:
When the 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 pursuant to this chapter, the land needed beyond the developer's contribution shall be set aside and reserved by the developer for subsequent purchase by the village or other public body designated by the village, provided that such acquisition is made within five (5) years from the date of approval of the final plat. (Ord. 89-04, 4-3-1989)