A. When; in a proposed development a school site exceeding the minimum size required by Section 17.28.130 is required to be dedicated in order to conform to the requirements of the general plan; the excess may be credited against fees or other requirements imposed by this chapter; either in the same or future development; or if no future fees or requirements will be due from the developer; the developer may be reimbursed from fees collected from other developments served by the site.

B. For purposes of evaluation pursuant to this chapter; the actual purchase price of the land shall govern; but shall in no event exceed the value for land for park purposes as established yearly pursuant to Section 20.34.010(A) of this code.

C. Reimbursement from fees; as set out in subsection A of this section; shall be made once yearly without interest; from fees collected for other developments which contribute to the need for the proposed site; but reimbursement shall not be made for a period longer than ten years. An agreement with a developer reflecting the method and amounts of reimbursement shall be executed upon approval by resolution of the city council. In no event shall the city or any school district be obligated to reimburse a developer pursuant to this section unless fees shall be first collected from which reimbursement may be made.