[Amended 6-26-2002 by L.L. No. 6-2002; 3-12-2003 by L.L. No.
4-2003]
Pursuant to § 277, Subdivision 4, of this state's Town Law, the Planning Board shall not approve a final subdivision plat for the development of residential units until it has made a finding whether a proper case exists for a park to be suitably located on the premises for playground or other recreational purposes, or whether a suitable park, playground or other recreational facility cannot be located on the premises so that a sum of money will be required from the developer, in accordance with recreational fee schedules fixed from time to time by the Town Board by resolution, in lieu of placement of such facilities on the subject premises. All such payments shall be maintained in a trust fund to be used by the Town exclusively for park, playground or other recreational purposes. Reservation of land for passive recreation pursuant to §
240-26U shall not reduce or offset obligations of landowners or developers under this section.