The Planning Board may, in its discretion and upon evaluation of the present and anticipated future needs for the park and recreational facilities in the Town based upon projected population growth attributable to the residential portion of any planned unit development, render a finding that a proper case exists for requiring that a park or parks be suitably located for playgrounds or other recreational purposes within the Town. In the event the Planning Board makes such a finding but further determines that a suitable park or parks of adequate size to meet the requirement cannot be properly located within such district, the Town Board may require a sum of money in lieu thereof, in an amount to be established by the Town Board. In making a determination of suitability, the Planning Board shall assess the size and suitability of lands shown on the site plan which could be possible locations for park or recreational facilities, as well as practical factors, including whether there is a need for additional facilities in the immediate neighborhood. Any moneys required by the Town Board in lieu of land for park, playground or other recreational purposes shall be deposited into a trust fund to be used by the Town exclusively for park, playground or other recreational purposes, including the acquisition of property.