Page 318 - CityofSouthlakeFY26AdoptedBudget

Southlake Parks Development Corporation (SPDC)

Debt Service

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 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 includes 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 also supports recreational play.

These enhancements were part of the Southlake 2030 Parks, Recreation and Open Space/ Community
Facilities Comprehensive Plan, which was 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.

318 FY 2026 City of Southlake | Budget Book FY 2026 City of Southlake | Budget Book 319