As a condition of approval of a final subdivision map, a subdivider who develops or completes the development of one or more subdivisions within one or more school districts maintaining a school may be required to dedicate to the school district, or districts, within which such subdivisions are to be located, such lands as the district shall deem necessary for the purpose of constructing schools necessary to assure the residents of the subdivision adequate public school service. The amount of land required for the dedication shall not make development of the remaining land held by the subdivider economically unfeasible or exceed the amount of land ordinarily allowed under the procedures of the State Allocation Board.
(a)
Procedure. The requirement of dedication shall be imposed at the time of approval of the tentative map. If within 30 days after the requirement of dedication is imposed by the City the school district does not offer to enter into a binding commitment with the subdivider to accept the dedication, the requirement shall be automatically terminated. The required dedication may be made any time, before, concurrently with, or up to 60 days after the filing of the final map on any portion of the subdivision.
(b)
Payments to Subdivider. The school district shall, if it accepts the dedication of land, repay to the subdivider or its successors the original cost of the dedicated land, plus a sum equal to the total of the following amounts:
(1)
Improvement Costs. The cost of any improvements to the dedicated land since acquisition by the subdivider;
(2)
Assessed Taxes. The taxes assessed against the dedicated land from the date of the school district’s offer to enter into the binding commitment to accept the dedication; and
(3)
Other Costs. Any other costs incurred by the subdivider to maintain the dedicated land, including interest costs incurred on any loan on the land.
(c)
Exceptions. The requirements for dedication shall not apply to a subdivider who has owned the land being subdivided for more than 10 years prior to the filing of the tentative map.