Page 260 - Southlake FY23 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 $9 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 on the next page shows the City’s
outstanding SPDC bond debt, including principal and
interest amounts as well as the bond maturity date.

BUDGET BOOK | FY 2023 City of Southlake 259
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