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 will be required to dedicate land for park and recreational purposes to serve the immediate and future needs of the residents of the development, or cash contribution in lieu of actual land dedication, or a combination of both, at the option of the village, in accordance with the criteria and formula set out in this chapter and, unless agreement is entered into as required by section 12-6-13 of this chapter, land for school sites, the fire protection district and the library district to serve the immediate and future needs of the residents of the development, or cash contribution in lieu of land dedication, or a combination of both, at the option of the village, in accordance with the criteria and formula set out in this chapter. (Ord. 96-32, 4-18-1996; amd. 2011 Code)