Page 362 - CityofSouthlakeFY27Budget

TABLE OF CONTENTS

SOUTHLAKE PARKS DEVELOPMENT CORPORATION (SPDC)
FUND

Figure 4
SPDC Project Funding since 1993

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In the mid-1990s, the City Council called for a special election to petition the voters of Southlake to
approve the adoption of a half cent sales tax for the benefit of the Southlake Parks Development
Corporation (SPDC). The SPDC has allowed the City to accelerate the development of the City’s park
system, as defined by the Parks, Recreation, and Open Space Comprehensive Plan. It is a critical funding
source for the ongoing improvement of the City’s quality of life through parks and open space.

The SPDC is a Type B corporation that can expend funds for a wide variety of projects. Type B projects
consist of land, buildings, equipment, facilities or expenditures for industrial or commercial ventures that
create primary jobs; funding or constructing infrastructure for commercial areas; and projects related to
recreation and community facilities.

Tax revenues may also be used to fund administrative and other expenses that place the project
into operation. The expenses may include administrative expenses for the acquisition, construction,
improvement, expansion and financing.

Fund Utilization
Known as the Parks, Recreation, and Open Space Comprehensive Plan, the City of Southlake uses
a comprehensive plan that includes major elements to guide and prioritize Southlake’s growth and
development. This plan guides both elected and appointed officials in selection and prioritization of
projects. It also helps with forecasting planned funding.

362 FY 2027 City of Southlake | Budget Book