As a condition of approval of a final plat of subdivision or of a final plat of planned unit development, each subdivider or developer is required to dedicate land for park and recreational purposes and land for school sites to serve the immediate and future needs of the residents of the development, or to make cash contributions in lieu of actual land dedication, or a combination of both, at the option of the City, in accordance with the following criteria and formulas. (Ord. 0-56-87, 12-7-1987)