As a condition of approval of any subdivision, the developer shall provide land or fees in lieu thereof, or a combination of both, for park or recreational purposes, as follows:
(A) For each 1,000 persons residing within the city there shall be dedicated three acres of land or fees shall be paid in lieu thereof, as determined by the city.
(B) Only the payment of fees shall be required in subdivisions containing 50 parcels or less, except that when a condominium project, stock cooperative, or community apartment projects, as those terms are defined in Section 1351 of the Cal. Civil Code, exceeds 50 dwelling units, dedication of land may be required notwithstanding that the number of parcels may be less than 50.
(C) This division shall not apply to any condominium project which consists of the subdivision of airspace in an existing apartment building which is more than five years old, when no new dwelling units are added.
(`64 Code, Sec. 27-66) (Ord. No. 1570, 1791, 2683)