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 fire/rescue facilities, 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 following criteria and formula and as set forth in section 11-4-7 of this chapter. (Ord. 2004-708, 4-8-2004)