In cases where the Board finds that due to the size,
topography or location of the subdivision, land for park, playground
or other recreational purpose cannot be properly located therein,
or if in the opinion of the Board it is not desirable, upon the Board's
recommendation, the Village Board may waive the requirement that the
plat show land for such purposes. The Board shall then require as
a condition to approval of the plat a payment to the village not to
exceed the value of the land which otherwise would have been acceptable
as a recreation site. Land value is to be determined by applying the
latest state equalization rate for the village to the assessed value
of the entire plat, then dividing by the number of acres in the plat
to arrive at the full value per acre of land in said plat, finally
by multiplying the per acre value by the number of acres required;
or the Board may seek an impartial appraisal in a manner prescribed
by the Board.