Where subdivision streets parallel contiguous property of others, the subdivider may, upon approval of the planning and zoning commission, retain a protection strip not less than one foot (1') in width between said street and adjacent property; provided, that an agreement approved by the city attorney has been made by the subdivider contracting to deed to the owners of the contiguous property the one foot (1') or larger protection strip for a consideration named in the agreement, such consideration to be not more than the fair cost of the land in the contiguous property, plus the value of one-half (1/2) the land in the street at the time of agreement. One copy of the agreement shall be submitted to and approved by the city attorney and the planning and zoning commission prior to approval of the final plat. Protection strips shall not be submitted at the end of a public street or proposed street. (Ord., 2-29-1996)