(1) The developer shall offer the open space for dedication for public use and maintenance, free and clear of any conditions, liens or encumbrances if required by the Township. However, the Township need not require that the open space be dedicated nor accept a dedication of the open space if offered.

(2) With permission of the Township, and with appropriate deed restrictions in favor of the Township and in language acceptable to the Township Solicitor, the developer may transfer the fee simple title in the open space, or a portion thereof, to a private, nonprofit organization among whose purposes is the conservation of open space land and/or natural resources, provided that:
 

(a) The organization is acceptable to the Township and is a bona fide conservation organization with a perpetual existence.

(b) The conveyance contains appropriate provision for proper retransfer or reverter in the event that the organization becomes unable or unwilling to continue to carry out its functions.

(c) A maintenance agreement acceptable to the Township is entered into by the developer, organization and Township.

(3) If the Township does not require dedication or permit transfer to a conservation organization as provided in Subsection (2) hereof, the developer shall provide for and establish an organization for the ownership and maintenance of the common open space consistent with the requirements for unit owners' associations found in the Pennsylvania Uniform Condominium Act, 68 Pa. C.S. § 3103 et seq., or the Pennsylvania Uniform Planned Community Act, 68 Pa. C.S. § 5101 et seq. Such common open space shall be managed according to the requirements of § 184-67 of the Limerick Township Zoning Ordinance. If such an organization is created, the deeds and agreements of sale for the common open space and for all individual lots within the tract shall contain the following requirements in language acceptable to the Township Solicitor:
 

(a) Such organization shall not dispose of the common open space by sale or otherwise except to the Township or other governmental body, unless the Township has given prior approval. Such transfer shall be made only to another organization which shall maintain the common open space in accordance with this chapter.

(b) The organization and all lot owners within the development shall agree to be bound by the provisions of Section 705(f)(1) through (6) of the Pennsylvania Municipalities Planning Code, Act of July 31, 1968, P.L. 805, No. 247, as amended, 53 P.S. § 10705(f)(1) through (6), relating to Township maintenance of deteriorating open space and providing for the ability of the Township to assess and lien the properties within the development.

(c) All lot owners within the development shall be required to become members of the organization and pay assessments for the maintenance of the common open space, which assessment may be increased for inflation and which may provide for professional management.

(d) The Township may require the formation of a reserve fund to cover capital improvements to the common open space.
 

Following acceptance of open space dedicated to the Township, upon appropriate public notice, the Board of Supervisors may hold a public hearing and, upon finding it appropriate, pass a resolution to change a category of open space applied to such lands to a less intensive category as set forth herein.