(A) Conformity with general plan. Provision for parks, playgrounds and similar public open spaces shall conform as nearly as possible with that shown in the general plan of the town.
(B) Requirements. Each subdivider shall make provision for public open spaces by donation or reservation of land or by payments, or by a combination of these three methods (unless expressly waived by the Council) according to the following formula.
(1) If any of the spaces are located within a given subdivision and constitute less than 5% of the total area of lots in that subdivision (not including any lots platted in the areas designated as public open spaces), the subdivider shall donate the spaces to an appropriate political subdivision of the state (such as the town) if one demands the donation before or within three years after the filing of the plat, the portion to be of a shape and location as is approved by the town.
(2) If none of the spaces are located with a given subdivision, the subdivider shall pay, upon demand, to an appropriate political subdivision of the state the sum of $50 per lot to be used only for the purchase and/or development of public open spaces.
(1974 Code, § 14-5-6)