Page 253 - Southlake FY24 Budget

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 Debt Service
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.

FY 2024 City of Southlake | Budget Book 253