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Draft <br /> 4/ 28/ 99 <br /> h . Payment- in - lieu changes <br /> The payment in lieu system is not adequately serving <br /> current or future demand . Based on the projected future <br /> need for XX acres of recreation land , the committee has <br /> determined that the current critical need is to begin land <br /> banking '. This concept is similar. to any kind of bank - it <br /> essentially establishes a ` savings account " . of land . Once <br /> the savings account has been fully funded , land can be <br /> withdrawn and developed for specific parks and recreation <br /> , needs , <br /> Simultaneous with the population increase , land in Orange <br /> County is rapidly increasing in value . Large tracts are being <br /> subdivided , and options for geographic locations of <br /> , r <br /> parkland in every township are diminishing . Funds should <br /> therefore be devoted to land banking rather than to <br /> developing recreational facilities . <br /> Land banking should be done based on projected size and <br /> location of parkland throughout the county . The county <br /> needs : <br /> 1 ) One countywide community park ( XX 6007acres ) <br /> 2 ) Seven district parks ( XX 607acres each ) ; one in each <br /> township <br /> 3 ) XX [ 20 ? number] of neighborhood parks ( XX 157acres <br /> each ) <br /> The total estimated land required is approximately 1 , 300 <br /> acres . The estimated cost of purchasing this acreage , in <br /> 1999 dollars , is $ 13 million dollars . <br /> Recommendations for use of current funds and future <br /> funding . <br /> 1 ) there is $ 3 million remaining from the 1997 parks <br /> bond . This money should be used to purchase the first 300 <br /> acres for a community park <br /> 2 ) the balance of funding should be a $ 10 million parks <br /> bonds placed before the voters in 2000 . <br /> 34 <br />