Upon mutual agreement between the residential developer, the city and the school district, the developer may dedicate land in lieu of paying fees pursuant to this chapter. The fair market value of the land so dedicated shall be equivalent to the amount of fees which would otherwise be required. When land is to be dedicated, it shall be deeded directly to the school district. If dedicated land is subsequently determined by the school district to be unsuitable for school purposes, it may be sold by the school district and the proceeds applied to interim school facilities.
(`78 Code, § 16.26.090.) (Ord. 1736 § 1 (part), 1984.)