Whenever the Comprehensive Plan or Official Map indicates that development of a Planned Unit Development District will create a need for land for public parks, playgrounds or other recreational purposes within the proposed Planned Unit Development District, the Town Board or Planning Board may require that up to 5% of the total Planned Unit Development District area be designated and reserved to the Town for such use. In any such case, if the Town Board or Planning Board determines that location of such use within the Planned Unit Development District area is not suitable or practical, it may, in lieu of the aforesaid designation and reservation of land within the Planned Unit Development District area, require up to 5% of the current fair market value of the land within such area to be paid to the Town in the form of cash as a trust fund to be used by the Town exclusively for neighborhood parks, playgrounds or other recreational purposes, including the acquisition of land, available for use by residents of the Planned Unit Development District.