Page 331 - Southlake FY22 Budget

DEBT SErVICE FUnDS EXPEnDITUrES

sOuThlake Parks develOPmenT COrPOraTiOn

The Southlake Park Development Corporation (SPDC) was formed when Southlake voters approved the special levy
of a half-cent sales tax in the mid-1990s. The half-cent, which generates over $7 million per year, is dedicated toward
the acquisition and development of Southlake’s park land. The specific projects are identified in the City’s Capital
Improvements Program. State law permits these funds to be used for operational costs, as well as capital costs.

Many park projects are funded through SPDC-supported bonds. Most recently, bonds were sold to fund the expansion
of Bicentennial Park, which includes the new Tennis Center. The new Tennis Center replaced the existing facility, and
opened in April 2018. The new center is 6,100 square feet (approximately 2,000 square feet more than the original
building) with approximately 2,000 square feet of patio area and five tennis court shade structures.

An addendum to the Tennis Center project authorized the enclosing of two outdoor tennis courts. The state of the art
facility will include features such as high volume fans and HVAC climate control. The two indoor courts are separated
by partition netting and provide additional netting around the courts to catch loose tennis balls. The lighting within the
facility gives players the option to light the entire space or just their individual court. The high-end facility will support
recreational play.

These enhancements are a part of the Southlake 2030 Parks, Recreation and Open Space/ Community Facilities Master
Plan, which is divided into in three phases. The newly enclosed facility is part of the Bicentennial Park Phase 3 project,
which was completed in 2019.

The schedule at right shows the City’s outstanding SPDC bond debt, including principal and interest amounts as well
as the bond maturity date.

330 FY 2022 City of Southlake | BUDGET BOOK
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