If the owner of the property proposed to be annexed, subdivided or on which the land use is proposed to be changed resulting in an increased demand for Town water service desires to retain the land, or any portion thereof, in agricultural production or as open space prior to development, he or she may, pursuant to written agreement with the Town, be permitted to lease back, on an annual basis and for irrigation, aesthetic and recreational purposes only, all or part of the water rights dedicated to the Town pursuant to this chapter. The terms of any such leases shall be at fair market value, as determined by the Town, and on such other terms and conditions as are determined by the Town. Said leases shall provide that in the event any portion of the land for which the water is leased is platted during the term of the lease, the Town may cancel the lease, in whole or in part, to the extent any portion of the leased water is determined by the Town to be necessary for water service to the property so platted. (Ord. 561 §1, 2007)