(a) Where a park, playground, school or public access to water frontage which is shown in the comprehensive development plan is located in whole or in part in the proposed subdivision, the Planning Commission shall request the dedication of such area within the subdivision. The subdivider shall pay for only that portion of the cost of the public site that benefits his subdivision as determined by the Commission. 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. The sum of thirty dollars ($30. 00) as a minimum, more at the discretion of the Commission, for each dwelling unit permitted to be constructed thereon under applicable zoning regulations. For each lot or parcel intended for commercial, office or other use, an amount computed at the rate of two hundred dollars ($200. 00) for each acre of such lot or parcel.
(b) The Park and Playground Fund shall be used for acquisition or improvement of parks and playground exclusively, and for no other purpose. In lieu of payment of the park and playground fee, Council on recommendation of the Park Board 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, the equivalent park and playground fee otherwise payable and computed in accordance with the established formula. The Commission shall whenever possible, establish the preservation of all natural features which add value to residential developments and to the community, such as large wooded areas, watercourses, areas of historical significance, and similar irreplaceable assets. In lieu of payment of the park and playground fee, or dedication for public park and playground use, the Commission may accept or recommend a Planned Unit Development. Under this option common open space is provided for the semi-private use of the residents of the subdivision. Legal agreements must be filed and recorded with the subdivision plan which spell out the purpose, use and ownership of the common areas and provide for an organization to be set up to finance, manage and maintain the common areas.