Before the Planning Board shall approve any subdivision it shall, in accordance with Article 7 of the Village Law, decide, pursuant to resolution, whether lands shall be set aside pursuant to § 7-730, for parks, playgrounds or other recreational purposes, or whether the Village shall accept, in lieu thereof and pursuant to said Village Law § 7-730, a sum of money in an amount to be determined by the Board of Trustees. If the Village Planning Board chooses to accept land, then the amount of land shall equal 10% of the entire area of the subdivision, and such land shall be chosen by the Planning Board. If the Planning Board chooses to accept money instead of land, then the amount of money shall be determined by the Village Trustees pursuant to an appraisal, equal to 10% of the land (taken as a whole) in the subdivision. Said land or money shall be employed for the purposes set forth in § 7-730 of the Village Law.

A fee shall be charged and paid at the time each application for subdivision approval (whether preliminary or final) is filed with the Planning Board. The amount of such fee shall be as generally determined from time to time by the Village Board of Trustees. This fee is not redeemable.

Whenever the Planning Board shall direct that a professional engineer review the installation of drainage, water and sewage disposal facilities, public utilities and road construction in connection with a subdivision application which is pending before the Planning Board, or which has been approved by the Planning Board, the reasonable costs of such review, including, but not limited to, the fees of the professional engineer shall be paid by the owner of the land being subdivided and reviewed.