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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 cut rrent . critical need <br /> Is to begin long - term land acquisition (" land banking " ) : <br /> This concept is similar to any kind of bank POOR 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 fully funded , land can be withdrawn and 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 /> t <br /> Type of Park Numb & Needed Acres <br /> District 1 or 2 countywide 1 @ .600 . acres , or 2 @ <br /> 300 acre average <br /> Community 0 * 0 * <br /> Neighbor ho 04d 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 /> Carrborotand 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 area <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 />