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13 <br />generated may be found in Appendix J. Based on the projected future <br />need for 1,265 new acres of parkland, the MRP Work Group has <br />determined that the can-ent critical need is to begin long-term land <br />acquisition ("land banking'. This concept is similar to any kind of bank - <br />it essentially establishes a "savings account" of land. Once the savings <br />account has been fully funded, land can be withdrawn and developed for <br />specific parks and recreation needs. <br />Based on the most commonly accepted standards, the <br />county/municipa/itieswill need the following new parks just to meet <br />current deficits: <br />* -The total acreage in community parks currently exceeds acreage needs, but <br />the existing community parks (three in Chapel Hi//, one in Carrboro and one at <br />Etland-Cheeks) may not meet the geographic needs of the County. Community <br />park needs appear to exist in Hillsborough, northern Orange County and <br />southwestern Orange. <br />The estimated cost of purchasing this acreage countywide, in 1999 <br />dollars, is $ZO.i2 mi//ion. Over time, the cost of purchasing land <br />for parks will undoubtedly rise dramatically. <br />I. Recommendations for Use of Current Funds and <br />Future Funding Needs <br />,~ <br />Simultaneous wit. the population increase, land in Orange County <br />is rapidly increasing in value. Large tracts are being subdivided, <br />and options for geographic locations of parkland in every township <br />are diminishing. A priority for use of future funds clearly must be <br />land acquisition for long-term park needs, rather than simply <br />developing recreational facilities (which can be developed over time <br />as the population increases). <br />A program for land acquisition for long-term park needs should be <br />developed that identifies sites that could meet needs (including <br />potential for siting active and low-impact recreation), based on <br />projected size and location of parkland throughout the county. The <br />availability of matching funds from the benefiting jurisdictions <br />should be an important component in future acquisition and park <br />development. The program should also identify an acreage <br />