Any subdivision plat containing residential units shall, when required by the Planning Board, include a park or parks suitably located for playground or other recreational purposes, in accordance with the requirements of § 7-730, Subdivision 4, of the Village Law. The Planning Board shall determine whether a proper case exists for requiring such land reservation. Such determination shall include an evaluation of the present and anticipated future needs for park and recreational facilities in the Village based on the projected population growth to which the particular subdivision plat will contribute. If such need is found to exist, and the Planning Board determines that suitable lands do not exist on the subject property for such reservation, the Planning Board may require the payment of a fee in lieu of parkland in accordance with § 230-123B herein. Where possible, 10% of the total area of the subdivision should be allotted for this purpose, except where such 10% amounts to less than 1/4 acre, and no recreation plot shall be less than 1/4 acre in size.