The subdivider shall deposit with the city clerk, prior to final acceptance of any subdivision, a park development fee in the amount of twenty-five dollars per building lot in the subdivision. All money so deposited shall be placed in the City park development fund for use in the acquisition of public park sites, the development and improvement of such sites, and the purchase of equipment for the use thereon. Where an area designated for park, playground, recreational or educational purposes as shown on the master plan is located in whole or in part in the proposed subdivision, the subdivider shall dedicate such area for park, playground or recreational purposes. Any such dedication shall be in lieu of the park development fee. If the planning authority deems it necessary and for the best interest of the public welfare, subdivider may be requested to provide by dedication of deed, areas for park, playground or other public use to the extent of not more than one-half acre for every twenty building sites in the subdivision.