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 is hereby required to dedicate land for park and recreation 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 City in accordance with the following criteria and formula. (Ord. 0-78-11, 4-3-1978)