When a school board, park board or gov­ern­ing body of a Coun­ty or Munic­i­pal­i­ty goes on record as desir­ing to pur­chase ground in the sub­di­vi­sion for a school, park or oth­er pub­lic pur­pose, such area shall be reserved for acqui­si­tion with­in a twelve (12) month peri­od. If with­in this twelve (12) month peri­od, an acqui­si­tion price can­not be agreed upon or con­dem­na­tion pro­ceed­ings have not been insti­tut­ed, the own­er or sub­di­vider may sub­di­vide, sell, or dis­pose of the ground.