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Draft <br /> 4/ 28/ 99 <br /> critical need is to begin land banking . This concept is <br /> similar to any kind of bank — it essentially establishes a <br /> " savings account " of land . Once the savings account has <br /> been fully funded , land can be withdrawn and developed <br /> for specific parks and recreation 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 /> 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 . Based on the <br /> most commonly accepted standards, the county needs <br /> the following new parks . <br /> 1 ) One countywide District Park ( 200 - 600 acres ) <br /> 2 ) Five Community parks ( 25- 75 acres each ) , one in <br /> each township ( four currently exist/ planned , with two in <br /> Chapel Hill , one in Carrboro and one in Efland ) <br /> 3 ) XX [ 207 number ] of neighborhood parks ( 5- 20 acres <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 /> h . Recommendations for use of current funds and <br /> future funding . <br /> 1 ) There is $ 3 million remaining from the 1997 parks <br /> bond . This money should be used to purchase the <br /> first 300 acres for a district park . <br /> 2 ) The balance of funding should be a $ 10 million parks <br /> bonds placed before the voters in November , 2000 . <br /> 40 <br />