A. A public hearing shall be held before the city council on all petitions for, and the city council initiations for, reversions to acreage. Notice of the public hearing shall be given as provided in Section 66451.3 of the Map Act. The city council may approve a reversion to acreage only if it finds and records in writing that:
1. Dedications or offers of dedications to be vacated or abandoned by the reversion to acreage as unnecessary for present or prospective public purposes; and
a. All owners of an interest in the real property within the subdivision have consented to reversions; or
b. None of the improvements required to be made have been made within two years from the date the final or parcel map was filed for record, or within the time allowed by agreement for completion of the improvements, whichever is later; or
c. No lots or parcels shown on the final or parcel map have been sold within five years from the date such map was filed for record.
B. The city council may require as conditions of the reversions:
1. The owners dedicate or offer to dedicate streets or easements;
2. The retention of all or a portion of previously paid subdivision fees, deposits or improvement securities if the same are necessary to accomplish any of the provisions of this chapter.