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