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6 -1. Because a now ,subdivision for residential, co,-marcial, <br /> industrial or other uses, or a planned development which includes <br /> residential, commercial or industrial uses, or any combination <br /> thereof, creates a need for parks, playgrounds, publio6 open spaces <br /> and in some cases, storm water holding areas or ponds, the following <br /> xu.aitari.butions are reequireds <br /> a. Teen percent of the proposed subdivision shall be dedicated <br /> to the public for public use as parks, playgrounds and public <br /> open space, or in the alternativee# at the option of the Town, the <br /> subdivider shall contribute an equivalent amount in cash based <br /> on the fair market value of the undeveloped land, said market <br /> value not to include the increase in value created by the construction <br /> of publics utilities it already constructed and paid for or to be <br /> paid for by the subdivider or his predocessors or successors. The <br /> property shall be conveyed to the Town, or payment of the cash <br /> equivalent shall be made to they Town, before approval of the Final <br /> Plat. crash payments received hereunder shall be placed in a <br /> apecsial fund by the Town and used only for the acquisition of land <br /> for parks, playgrounds and public open space, development of <br /> existing park and playground sites and public open space and debt <br /> retirement in connection with land previously acquired for such <br /> public purposes. <br /> b. in small subdivisions where one lot or parcel of land is <br /> -- to be divided into two or three lots, none of which resulting lots <br /> can tie further subdivided into additional lots, the sues of $150.00 <br /> per lot shall be paid by the subdivider to the Towne before <br /> approval of such minor subdivision, which payment shall be placed <br /> in the special fund and used only for the purposes he mint efore <br /> provided. <br /> c. When any multilpe dwelling is to be constructed on any <br /> parcel of land in the Town, the sum of $150.00 per dwelling unit <br /> shall be paid to this Umn before the issuance of any building permit <br /> for such construction, which payment shall be placed in the special <br />