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14 F . Orange County School / Park Reserve Fund In the early- 1990 's , the County established a capital fund equivalent to one cent on the tax . rate for future school/ park land acquisitions . The fund currently receives 1 /3 cent of the County tax rate, and stands at $ 2 . 57 million . In the last 18 months, fostered by the work of the Schools/ Land Use Councils, the County, Towns and both school systems have adopted memoranda of understanding that address the desire to co - locate, where feasible and appropriate, future schools and park sites . To, clarify the use of the School/ Park Reserve Fund , the Board of Commissioners in May of 1999 appointed a School/ Park Reserve Committee (SPRC) to address guidelines and criteria for use of the fund . The SPRC report ( including criteria and guidelines ) were adopted by the BOCC on December 7 , 1999 , and provides for additional flexibility in use of the funds and changes in allocation of future revenues . In general , the guidelines provide for the following uses of the fund : • When deemed appropriate, the fund may be used on a . $ 1 : $ 1 matching basis to assist Towns in meeting parks needs ' • The land in question must be owned by a governmental entity before funds are committed • The fund should not be used for parks design or parks planning , unless the funds are used to complete the project • Accumulated interest in the fund may be tapped for facility development needs not addressed through bonds or other means . • The existing funds ( $ 2 . 24 million at that time) should be retained for future land acquisition , with bond funds . and other sources used for facility development . • To provide flexibility, the school/ park co - location need not be readily apparent at the time of acquisition . G . Acquisitions via Development ( Land Dedications Payments- in - Lieu ) Each jurisdiction has provisions in its development ordinances for the dedication of land for recreation and open space via new development . In general , the Town of Chapel Hill has provisions for recreation and open space dedications for new projects . Land dedicated for these purposes by new developments may be used for recreation and open space uses, as agreed to by the developer and approved by the Town Council .