Parklands. Before the approval by the Planning Board of any site plan, such plan shall also show, in proper cases and when required by the Planning Board, a park or parks suitably located for playground or other recreation purposes. If the Planning Board determines that a suitable park or parks of adequate size cannot properly be located in any such site plan or is otherwise impracticable, the Board may require as a condition to approval of such site plan a payment of the Village of a sum to be determined by the Board of Trustees, which sum shall constitute a trust fund to be used by the Board of Trustees exclusively for neighborhood park, playground or recreation purposes, including the acquisition of land. This subsection supersedes any inconsistent requirements of New York State Village Law.