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5/ 26/ 99 <br /> of park/ recreation land in order to meet national adequacy <br /> standards . With current park facilities ( including projected <br /> acquisitions in the next year ) , a deficit of 645 acres will exist in <br /> 2000 . In 2025 , the County will need 3100 acres with a current <br /> projected deficit of 1265 acres . Details on how these projections <br /> were generated may be found in Appendix J . Based on the <br /> projected future need for 1 , 265 new acres of parkland , the <br /> Work Group has determined that the current critical need <br /> is to begin long - term land acquisition ( " land banking " ) . <br /> This concept is similar to any kind of bank — it essentially <br /> establishes a " savings account " of land . Once the savings <br /> account has been fully funded , land can be withdrawn and <br /> developed for specific parks and recreation needs . <br /> Based on the most commonly accepted standards , the <br /> county/ towns will need the following new parks just to <br /> meet current deficits : <br /> Type of Park Number <br /> Acres <br /> District 1 or 2 countywide 1 @ 600 acres , or 2 @ <br /> 300 acre average <br /> Communit 0 * 0 * <br /> Neighborhood 12 5 - 20 acres each <br /> * - The total acreage in community parks currently exceeds acreage <br /> needs, but the existing community parks (three in Chapel Hill, one in <br /> Carrboro and one at Efland - Cheeks) may not meet the geographic <br /> needs of the County. Community park needs appear to exist in <br /> Hillsborough, northern Orange County and southwestern Orange , <br /> The estimated cost of purchasing this acreage countywide , <br /> in 1999 dollars , is $ 10 . 12 million . Over time , the cost of <br /> purchasing land for parks will undoubtedly rise <br /> dramatically . <br /> I . Recommendations for Use of Current Funds and <br /> Future Funding Needs <br /> Simultaneous with the population increase , land in Orange <br /> County is rapidly increasing in value . Large tracts are <br /> being subdivided , and options for geographic locations of <br /> parkland in every township are diminishing . A priority for <br /> use of future funds clearly must be land acquisition for <br /> long - term park needs , rather than simply developing <br /> recreational facilities ( which can be developed over time as <br />