The real property described as Lots 848, 857, 859, and 860, shall be exempt from real property taxation so long as:
(1) The real property is owned by the Tregaron Conservancy, a District corporation which is exempt from federal taxes, and is used solely to further its tax-exempt purposes;
(2) The real property is not improved further (except as necessary for maintenance), is maintained as open space and parkland in a manner consistent with the real property’s historical significance, and is reasonably accessible to the general public without charge or payment of a fee of any kind; and
(3) All reports required by § 47-1007 are properly made by the Tregaron Conservancy.