As a condition of approval of a final plat of subdivision of any block, lot or sub-lot or any part thereof or any piece or parcel of land, or the issuance of the building permit, each subdivider, developer or builder will be required to dedicate fully equipped land for park and recreational purposes to serve the immediate and future needs of the residents of the housing, or cash contribution in lieu of actual land dedication. A cash contribution may be the most appropriate because of the village's forehanded and timely purchase of land located within the village in order to provide for the anticipated population increase, due principally to the subdivisions and development of vacant land within and abutting the village which will be annexed into it. A combination of both may also be desirable at the option of the village, in accordance with the following criteria and formula. The subdivider, developer or builder may dedicate such fully equipped sites to the village or to an appropriate public agency if there is a public agency willing to accept the dedication. If the subdivider, developer or builder does not choose to dedicate the fully equipped sites or if there is no public agency willing to, accept the dedication, provision must be made for a compulsory homeowner's association or some other means of assuring that the land will be maintained and preserved, in perpetuity, for the intended purposes. Articles of agreement for a homeowner's association or any other necessary documents must be approved by the Mayor and Board of Trustees and must be recorded with the final plat, with a notation on the plat referring to any such documents.
(Ord. 1995-0-25, passed 12-26-95)