The cluster development option shall, in addition to all other requirements of this chapter, provide for not less than one playground including at least four types of play apparatus to be incorporated in the overall cluster development plan. The developer may, in lieu of locating the same on-site, pay to the Borough a sum of money to be utilized by the Borough to improve any recreational areas located in the Borough. The sum of money, if paid to the Borough, shall be equated to the cost by the developer in installing and maintaining the playground for a period of two years from the date of installation of the facility on developer's land. The size of the facility, its lighting, fencing, and other requirements shall be subject to approval by the Planning Board where the proposed facility is placed on lands of the developer.