Where a park, playground, school or public access to water frontage which is shown in the Comprehensive Development Plan is located in whole or in part in the proposed subdivision, the Planning Commission shall request the dedication of such area within the subdivision. The subdivider shall pay for only that portion of the cost of the public site that benefits his subdivision as determined by the Commission. The owner of each new subdivision, as a prerequisite to the approval of the final plat thereof, shall pay a park and playground fee into the City Park and Playground Fund. The fee shall be computed as follows: The sum of forty dollars ($40.00) for each dwelling unit permitted to be constructed thereon under applicable zoning regulations. For each lot or parcel intended for commercial, office or other use, an amount computed at the rate of four hundred dollars ($400.00) for each acre of such lot or parcel. The Park and Playground Fund shall be used for acquisition or improvement of parks and playgrounds exclusively, and for no other purpose. In lieu of payment of the above park and playground fee, Council, on recommendation of the Commission, may accept the dedication for public park and playground use, open spaces constituting not less than fifteen percent of the gross acreage of the subdivision, suitably located and of adequate size. However, in no event shall the aggregate value of such dedicated land be less than the equivalent park and playground fee otherwise payable and computed in accordance with the above established formula. The Commission shall, wherever possible, establish the preservation of all natural features which add value to residential developments and to the community, such as large wooded areas, water courses, areas of historical significance and similar irreplaceable assets. (Ord. 70-74. Passed 10-15-74.)