Filing Regarding Improvements and Other Uses of Land. Upon the filing of an application for development for preliminary approval requiring on-site, on-tract, off-site or off-tract improvements, grants or conservation and preservation of open space and recreational areas to be installed by, planned, or provided for by the applicant pursuant to an ordinance of the Borough of Allentown, or as the necessity therefore is determined from the plans, documents and testimony submitted by the applicant to the Planning Board, the applicant shall submit a letter addressed to the Planning Board stating the applicant's proposed alternatives for the ultimate ownership of the installed improvements, grants, open space or recreational area. A copy of the letter shall be forwarded by the Planning Board to the Borough Council for their review and requirements. The Planning Board shall thereafter state in their resolution, based on the review and requirements established by the Borough Council the requirements of the Borough Council as to the ultimate beneficiaries of the specific improvements to be installed and specific land areas to be conserved, preserved or improved for recreational and open space purposes; which installed improvements and land areas are to be dedicated for public uses or purposes to the Borough of Allentown or other governmental and public agencies; and which installed improvements and land uses are to remain in individual, private or association ownership. Thereafter, any final plat or plan submitted for final approval shall contain wording specifically defining the installed improvements and land areas which are to be dedicated and those which are to remain in private ownership in accordance with the preliminary approval resolutions. Notwithstanding the above, approval of the final plats by the approving Planning Board shall not constitute an acceptance of proposed dedications until the performance and maintenance guarantees have been released pursuant to § 28-5.6 of this chapter.