Where the tract of land to be subdivided contains all or any part of the site of a park, school, flood control facility, or other public area as shown on the General Plan, or as recommended by the Commission, such site shall be dedicated to the public or reserved for acquisition by the public within one (1) year after recording the Final Plat unless a different timeline is agreed upon in the subdivision or development agreement. An agreement should be reached between the subdivider and the appropriate public agency regarding time, method and cost of such acquisition. If the public agency for whose benefit an area has been reserved does not exercise the reservation agreement set forth in this Section by agreeing to a timetable for development and dedication of the reserved land within such one (1) year period or such extended period as may be mutually agreed upon by such public agency and the subdivider, the reservation of such area shall terminate. (Prior code §  12-3-2)