Where a proposed park, playground or other recreational facility shown on a Master Plan is located in whole or in part in a proposed subdivision, the Planning Board may require the subdivider to reserve such areas for said purpose.
In developments not anticipated in the Master Plan, the Planning Board may require the reservation of areas or sites for parks, playgrounds or other recreational purposes, no such areas or sites, however, to be reserved unless it has an area of at least three acres or will have at least that size when combined with probable future reservations of land in adjoining subdivisions.
Where a subdivision is too small to establish an adequate park, playground or other recreational area or where land in a subdivision is unsuitable in character or where the Master Plan or good planning judgment would not locate a recreation area, the applicant will be required to provide a cash equivalent deposited to the account of a Recreation Reserve Fund to be used either for the acquisition of such areas in suitable locations or development of such existing areas.
The amount of area to be reserved for purposes contained herein shall be determined by use of the following standards, which standards shall also be utilized in the calculation of equivalent cash payments where the reservation of land is not required.
A. 
Reserved land never to exceed 10% of the entire area of the proposed plat.
B. 
No land is to be reserved if it is less than three acres subject to § 162-35.
C. 
The value of the land per acre as determined by the City Assessor times the number of acres the subdivider would have had to reserve for recreational purposes equals the cash equivalent payment.
When an area for a park, playground or other recreational purposes shall have been required on the plat, the approval of such plat shall not constitute an acceptance by the city of such area.