Page 269 - CityofSouthlakeFY25AdoptedBudget

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 almost $11 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.

Park projects are funded through a combination of cash and SPDC-supported bonds. Most recently, bonds Debt Service
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.

FY 2025 City of Southlake | Budget Book 269