In lieu of a monetary contribution, an applicant may obtain a waiver by entering into an agreement with the city for the granting of an easement or the dedication of land by the applicant. This land shall be used for the construction of off-site storm water management facilities. The agreement shall be entered into by the applicant and the city prior to the recording of plats or issuance of building permits. [Code 2000 § 9-3a-10].