A.    The owner or owners of any tract of land in any district zoned for residential purposes comprising an area of not less than forty (40) acres shall submit to the governing body a plan for the use and development of all such tract of land for multiple-use purposes as specified hereinafter. Such development plan shall be referred to the plan commission for study and report and for public hearing.

    B.    If the plan commission approves the development plan, it shall then be approved by the governing body after public hearing and fifteen (15) days’  notice, giving time and place and purpose in a newspaper circulated in the municipality, and zoning certificates, building permits, and certificates of occupancy issued therefor, even though the use of land and the use and location of structures do not conform to all of the regulations contained in other sections of this title. Such development plan shall not be approved, except under the following conditions:

    1.    That under the development plan, the property adjacent to the area included in the plan is properly safeguarded;

    2.    That the plan is consistent with the intent and purpose of this title to promote public heath, safety, morals and general welfare;

    3.    That such development shall consist of one-family residences, two-family residences, and/or multiple-family residences, and the usual accessory uses such as garages and storage space. Also community buildings may be permitted, which may be used for recreation, meetings, or community dining space when not operated for profit. Also, certain necessary food, apparel, and convenience commercial shops may be permitted by the governing body, when operated for the benefit of the community unit exclusively;

    4.    That the minimum average lot area per family contained in the site, exclusive of the area occupied by streets, shall conform to seven thousand five hundred (7,500) square feet for single-family residences, and the minimum average lot sizes as prescribed in Chapter 17.24 for multiple-family residences;

    5.    That at least two hundred fifty (250) square feet per family unit be set aside and maintained for playground recreation areas;

    6.    That assurance shall be required from the developer that the project will be used for the specified purposes, and the governing body shall require a trust indenture restricting the area to such uses. (Prior code § 40-10-5)