[Amended 2-9-1993 by Ord. No. 502-93]
Upon receiving an application for development, the Borough may
reserve for future public use the aforesaid streets, ways, basins
and areas shown on the Master Plan or the Official Map as follows:
A. Time. The Board may reserve their location and extent as shown on
the development plat for a period of one year after the approval of
the final plat. Unless during such period or extension the Borough
shall have entered into a contract to purchase or institute condemnation
according to the law for the fee or lessor interests therein, the
developer shall not be bound by such reservations shown on the plat
and may use such land for private use in accordance with applicable
development regulations. These provisions shall not apply to streets
and roads, flood-control basins or public drainageways necessitated
by the subdivision or land development and required for final approval.
B. Compensation. The developer shall be entitled to just compensation
for actual loss found to be caused by such temporary reservation and
deprivation of use. Unless a lesser amount has been mutually agreed
upon, this amount shall be deemed to be the fair market value, including
but not limited to consideration of real property taxes apportioned
to the land reserved and prorated for the period of reservation. The
developer shall be compensated for the reasonable increased cost of
legal, engineering or professional services incurred in connection
with obtaining subdivision or site plan approval caused by the reservation.
The procedure by the Borough for payment of compensation shall be
provided for by ordinance.
Borough approval by ordinance under any other law of the layout,
widening or changing the course of any public drainageway or changing
the boundaries of a flood-control basin or public area shall be subject
to the provisions of this chapter.