(a) A local government unit shall not acquire interests in real property pursuant to this act unless that local government unit has by ordinance or resolution established procedures for reviewing open space property interests considered for acquisition by the local government unit, for rating the relative desirability of interests in particular parcels of real estate and for establishing the price the local government unit will pay.

(b) When a local government unit acquires an interest in real property as authorized under the provisions of this act, it shall establish and maintain a repository of records of the interests in real property which have been or are acquired by the local government. The local government unit shall also record each interest in real property acquired by the local government unit in the office of the recorder of deeds for the county in which the real property is located.

(c) A local government unit acquiring interests in real property shall submit to the school district within which the real property is located a copy of the deed reflecting the open space property interest acquisition certified by the county recorder of deeds.