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14 <br />F. Oran a Coun School Park Reserve Fund cent <br />In the early- 1990's, the County established a capital's to nsq The fund cur en ly <br />on the tax rate for �� c taxlratekand stands at $2.57 million. <br />receives 1/3 cent oft County <br />In the last 18 months, fostered by the work of the Schools/Land ado emo ands Councils, <br />the County, Towns and es school <br />desire to systems <br />co-locate, where feasible and of <br />understanding that addr <br />appropriate, future schools and park sites. <br />To clarify the use of the School /Park Reserve Fund, the Board SPRC t Commissioners address <br />in May of 1999 appointed a School /Park Reserve Committee (includin criteria <br />guidelines and criteria for use of the The SPRC <br />7� 1999, and provides <br />and guidelines) were adopted by the BO CC on <br />for additional flexibility in use of the funds and changes in allocation of future <br />revenues. <br />In general, the guidelines provide for the following uses of the fund: <br />deemed appropriate, the fund may be used on a $1:$1 matching basis <br />When arks needs <br />to assist Towns in meeting p <br />The land in question must be owned .by a governmental entity before funds <br />are committed <br />The fund should not be used for parks design or parks planning, unless the <br />funds are used to complete the project tapped for facility development_ <br />Accumulated interest in the fund may be tape <br />needs not addressed through bonds or other means. <br />The existing funds ($2.24 million at that time) should be ined'for future <br />land acquisition, with bond funds and other sources <br />development. <br />e school /park co- location need not be readily <br />To provide flexibility, th <br />apparent at the time of acquisition. <br />Each iction has provisions in its development ordinances for the dedication <br />7 <br />of land for recreation and open space via new development. <br />'In 9 eneral, the Town of Chapel Hill has provisions for recreation an open <br />by new <br />dedications for new projects. Land dedicated o <br />developments meats may be used for recreation and open space uses, as agreed to by <br />the developer and approved by the Town Council. <br />