On July 1, 2014, The City of Winnipeg Charter will be amended. 

Once amended, the City must ensure that any subdivision approval of an application made by or on behalf of a developer is made subject to a condition that the developer enter into a written agreement with the school board under which the developer agrees to:

(a)  Convey land to the school board; or if the developer and the school board agree,

(b)  Pay money to the school board in lieu of conveying land.

To be considered a developer the proposed plan of subdivision will result in four or more parcels of land and be made subject to street dedication (i.e. it will have a public street).

In exercising its options the School Board must consider the suitability and location of the land as identified in its consultations with the council.  

The difficulty that I see is that council will likely require a developer to enter into either "a" or "b" with the School Board, or, obtain something in writing from the School Board stating the School Board is not interested in exercising its options; what could potentially happen, is the School Board could take money in lieu of conveying land even though they do not require the land as that money in lieu of conveying could increase funding. 

That being said The Public Schools Act states that such monies may only be used to acquire land for a school or to acquire school buses.