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 Park and Playground Fund of the Village. Such fee shall be computed as follows:
(a) The sum of forty dollars ($40.00) for each dwelling unit permitted to be constructed thereon under applicable regulations of the Zoning Ordinance. For each lot or parcel intended for commercial, office or other business 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 the acquisition or improvement of municipal parks and playgrounds exclusively, and for no other purpose.
(b) In lieu of payment of the above park and playground fee, Council on recommendation of the Planning Commission may accept the dedication for public park and playground use, open spaces constituting not less than fifteen percent (15%) of the gross acreage of the subdivision, suitably located and of adequate size; provided, however, that 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. (Ord. 1973-10. Passed 1-8-74.)