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A. A public agency that desires to reserve land shall make formal written notification of the public agency's intention to reserve land area within the subdivision for their use to the subdivider and to the Town of Fountain Hills prior to preliminary plat approval.

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

C. A public agency that desires to reserve land shall be responsible for the cost of the preparation of the land use reservation agreement.