Where subdivision streets parallel contiguous property of other owners, the subdivider may retain a protection strip of not less than one (1) foot in width between the street and adjacent property; provided that an agreement with the City and approved by the City Attorney has been made with the subdivider contracting to dedicate the one (1) foot or larger protection strip free of charge to the City for street purposes upon payment by the then owners of the property to the subdivider of a consideration named in the agreement, such consideration to be equal to the fair cost of the street improvements property chargeable to the contiguous property plus the value of one-half (1/2) the land in the street at the time of the agreement. (PZSC § 03-28-005 (2) (N))