1123.27 COMPENSATORY REDUCTION IN LOT SIZES.
   (a)   Wherever platted lots of a proposed subdivision are contiguous to any required park, recreation, or playground area, the subdivider may elect to reduce proportionately to the total area of park, recreation, or playground provided as compared to the total lot areas of contiguous lots, the size of contiguous lots. The total area of such lots may be reduced to less than that required in the Zoning Ordinance, but in no case by more than ten percent (10%) of the total required area.
   (b)   Subdividers shall not be required to furnish land for public purposes other than parks and play areas except on a reimbursement basis. They shall be reimbursed by the Church, School Board, or Municipality requiring the land at a cost not exceeding the cost of improvements on the land so required plus ten percent (10%) for profit. In any event subdividers shall not be required to hold land for other public purposes longer than one year without its being purchased. At the expiration of one year following the filing of the subdivision plat if the public services for which the land has been set aside have not accepted the opportunity of purchasing said land, the subdivider shall have the right to dispose of this reserve land in the same manner and for the same uses to which the rest of the subdivision has been platted and sold. The subdivider shall indicate on his final plat by dotted lines and dotted lot numbers, the sizes and the dimensions of lots which would be created within the boundaries of any land set aside for public purposes in the event that such land was not required or purchased as set forth herein, and at the end of the one year specified, may sell or otherwise dispose of such lots.
(Ord. 1972-31. Passed 10-3-72.)