(A) All land within the critical water quality zone in the property to be subdivided shall be dedicated in fee simple to the city to protect water quality. A space equal to at least 3% of the total property to be subdivided shall be dedicated in fee simple to the city for recreational or conservational use. The subdivider shall receive a credit on meeting this 3% requirement for all land dedicated in the critical water quality zone, provided there will be no credit for any land used for roadway or utility easements.
(B) In lieu of land within the property to be subdivided, the city shall have the option to arrange for the acquisition and dedication of other land of similar value if mutually agreeable to the subdivider and the city, or to accept a deposit of money in a trust account in the amount equal to the market value, as reflected on an appraisal prepared within 12 months of making application to subdivide the property, of 3% of the total property to be subdivided. These funds are to be used by the city for acquisition of park land, recreational facilities or conservation in another area. No area or facility shall be dedicated for such public purposes unless approved and accepted by the Council.