Where vacation or transfer of a public way is applied for by or on behalf of another governmental agency or jurisdiction, the city council may waive any compensation required by this code and may also waive filing fees, if the council deems such a waiver to be to the public’s interest and advantage. A transfer or vacation of property in which compensation has been waived under this section shall be accompanied by a covenant providing that the city shall be compensated by the fair market value of the interest conveyed or vacated at the time of any future sale or lease of the subject property by said other governmental agency. (Ord. 4654 § 57, 1994. Formerly 20.30L.185.)