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The developer shall dedicate public sites for open space or other civic purposes in accordance with the following requirements:

1. Percentage dedication. Dedication of such sites and land areas to the Town, or to the public, which dedication shall be a minimum of twelve percent (12%) of the total gross area of the land within the proposed subdivision at the time of subdivision. All residential subdivisions shall dedicate an additional eight percent (8%) of the total gross area at the time of subdivision. This land dedication will be credited toward the overall open space required for each subdivision; or

2. Cash-in-lieu of dedication. At the option of the Board of Trustees, the subdivider shall pay cash-in-lieu of land dedication in those cases where dedication of land is not the preferred alternative. Such payment shall be based on the fair market value of the entire property, to be determined after completion of the platting process. Such payment shall be held by the Board of Trustees for the acquisition of sites and land areas by the Town. At the option of the Board, the subdivider may meet the dedication requirements of this Section through a combination of cash-in-lieu and land dedication.