A. The public agency for whose benefit an area of land is reserved shall enter into an agreement to acquire the reserved land within one year of final plat recordation.

B. The purchase price shall be the fair market value thereof at the time of the filing of the preliminary subdivision plat, plus taxes against the reserved land area from the date of the reservation and any other costs incurred by the subdivider in the maintenance of such reserved area, including interest cost incurred on any loan covering the reserved area.

C. If the public agency for whose benefit an area has been reserved does not exercise the reservation agreement and acquire the land within one year of final plat recordation or such extended period of time as mutually agreed upon by the public agency and the subdivider, the reservation of such land is terminated.