Residential subdivision plats shall show thereon the reservation
of at least 5% of the gross acreage thereof in a location suitable
to the Planning Board for a park or parks or playground or other recreational
purposes.
In the event that the Planning Board determines that a suitable
park or parks cannot be located in such subdivision plat or is not
otherwise practical, the subdivider as a condition to approval of
such subdivision plat shall make payment to the Town of Schroeppel
of a sum as determined by resolution of the Town Board to become part
of a trust fund to be used by the Town of Schroeppel exclusively for
neighborhood park, playground or recreation purposes, including the
acquisition of property as near as practicable in the general vicinity
of and for the benefit of the occupants of the subdivision from which
such sum was derived. A copy of said resolution establishing such
sum shall be on file with the Town Clerk. Building permits shall not
be issued until said sum is paid in full.
