As a condition of approval of a final plat of subdivision, or of a final plat of a planned unit development, each subdivider or developer shall be required to dedicate land for school sites and park and recreational purposes, to serve the immediate and future needs of the residents of the development; or cash contributions in lieu of actual land dedication; or a combination of both, at the option of the village in accordance with the following criteria and formula. (Ord. 610, 4-9-2001)