All land dedicated or conveyed pursuant to this chapter shall be set aside for development of park and recreation facilities. The City shall make every effort to use, develop and maintain land dedicated or conveyed for park and recreation facilities. In the event that the use of any such dedicated land is determined by the City Council to be infeasible for development of park and recreation facilities, the dedicated land may be sold or traded for another parcel of land, subject to the requirements of state law and City code. The proceeds from such a sale shall be used to acquire land or develop park and recreation facilities in the City. Prior to any proposed sale of land which has been dedicated to the City, the City shall notify each current taxpayer of record or resident of known address in the plat in which the dedicated land is proposed for sale and each taxpayer of record and resident of known address within five hundred feet of the park site.