If the Planning Board finds that part of such open space is of such size, location, shape, topography and general character as to be useful to satisfy the recreational purposes of the Town, the Planning Board may require the applicant to provide 5,000 square feet of recreational area within such open space for each detached dwelling unit and 750 square feet of recreational area within such open space for each semidetached or attached dwelling unit. When the Planning Board finds that there is no such land within the open space that is of such a character as to be useful to satisfy recreational purposes, then the applicant shall pay to the Town of Beekman a recreational fee for each dwelling unit as set forth in the Town's fee schedule. The funds shall be placed in the Town's recreational fund to be used by the Town exclusively for park, playground, or other recreational purposes, including the acquisition of property.