[Amended 11-13-1995 by L.L. No. 4-1995]
A.
Land shall be reserved for park and playground purposes in locations designated on the Village Development Plan or Official Map or otherwise where the Planning Board shall deem such reservation to be appropriate, upon a finding by the Planning Board that the present and anticipated future needs for park and recreational facilities in the village based on projected population growth to which the particular subdivision will contribute presents a proper case for such reservation. The area shall be shown and marked on the plat as "Reserved for Park or Playground Purposes."
B.
Where a proposed park, playground, school or other public use is shown on the Development Plan in a location which is entirely or partially within a subdivision or development, the Planning Board shall require the reservation of such area within the subdivision. In cases where the Development Plan does not show a recreation area within a proposed subdivision and the Planning Board deems that a recreation area would be desirable and appropriate, the Planning Board may require the reservation of designated sites for park, playground or other recreation purposes. Such sites shall be of suitable size, dimension, topography, location and general character for park and/or playground purposes and shall have adequate street access for the purpose.
C.
The Planning Board may require that up to 10% of the gross area of the subdivision be reserved for recreation purposes. In calculating such percentage, the Board may give due credit for open areas reserved by covenants in all deeds for the common use of all property owners in the proposed subdivision. Land in a subdivision dedicated or reserved for recreation purposes generally shall have an area of at least two acres. When a proposed subdivision is too small to require such an area, or for other reason, the Planning Board may require that the recreation area be located on the edge of the subdivision so that additional land may be added at such time as the adjacent land is subdivided.
D.
Where the Planning Board deems, with respect to a particular subdivision, that the proposed subdivision presents a proper case for requiring park or playgrounds and that a reservation of land would be inadequate in size for park or playground use, either alone or in conjunction with abutting reservations on an adjoining subdivision, or otherwise is not practical for such use, the Planning Board may waive the requirement for such reservation, with the condition that the applicant deposit with the Village Clerk a cash payment in lieu of land reservation. Such payment shall be placed in a trust fund to be used for the purchase and development of sites for parks and playgrounds in the village, and the amount of such payment shall be that as established for such cases by the Village Board of Trustees (§ 7-730 of the Village Law).