The purpose of this article is to provide for the development of park and recreational areas.
As used in this article, the following terms shall have the meanings indicated:
DEVELOPMENT
A. 
Shall include:
(1) 
All land divisions pursuant to this chapter.
(2) 
Any new construction which will result in three or more dwelling units, regardless of the zoning classification of that area.
B. 
Nothing herein shall be construed to mean that planned unit development districts are included in the meaning of "development" as used herein. Provisions which follow are intended only as guidelines in planned unit development districts.
In the event that the city intends to acquire real estate contained within the proposed land division for park and recreational purposes, the Common Council shall declare such intent to the developer within a period not exceeding 90 days after the submission of the preliminary plat or certified survey map. Such real estate areas shall be set aside and reserved by the developer for purchase by the city for a period of two years after approval of the final plat or certified survey map. If said real estate is not purchased by the city within said two-year period, the city shall be taken to have waived its rights to purchase such real estate under this section, and such rights as the city may have in such lands shall revert to the developer.