A.    The owner or owners of any tract of land in any district zoned for residential purposes comprising an area of not less than four acres shall submit to the governing body a plan for the use and development of all of such tract of land for residential purposes. 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 health, safety, morals and general welfare;

    3.    That the buildings shall be used only for residential purposes and the usual accessory uses, such as garages, storage space and community activities, including churches;

    4.    That the average lot area per family contained in the site, exclusive of the area occupied by streets, shall not be less than the lot area per family of the zoning district in which the development is located;

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

    6.    Assurance shall be required from the developer that the project will be used for the specified purposes and the municipality shall require a trust indenture restricting the area to such uses. (Prior code § 40-10-4)