The Texas Parks and Recreation Foundation serves local governments pursuing grant funding by functioning as a non-profit land trust. Since 1979, TPRF has assisted hundreds of Texas local governments attain millions of dollars in state and federal park development grants by facilitating the conversion of private lands to public park and conservation amenities.
Kimberly Garrett of Georgetown Parks and Recreation shared this story on how the foundation’s assistance helped her city preserve beautiful parkland for residents:
Land Trust Services
Temporary Ownership of Real Property: The Texas Parks & Recreation Foundation is authorized to act as a holding agent for real property that will eventually become public parks and open space. Often, a land owner desires to divest of land in an expedient manner for tax purposes or other personal reasons. The Foundation can take possession of the property and hold it in trust until such time as a local government is ready to accept and dedicate the land for park or preservation purposes.
The arrangement gives the property owner the benefit of immediate tax benefits, while protecting the potential of the land for future public purposes. It also allows the future government owner time to arrange financial resources and to gain needed public process approvals to prepare for the private to public transfer.
State regulations do not allow the use of government-owned park property as an in-kind match for park development grants. By holding title to property during the grant review process, the Foundation makes it possible for the recipient city to utilize the value of the property and maintain its eligibility for grant assistance.
The Foundation charges $600 per year, per land parcel during the trust holding period to cover administrative expenses, and requires reimbursement for the direct costs of property transfer, insurance, maintenance, and bookkeeping.
Fiduciary Services
Holding Cash – The trust function also includes holding cash for parks and recreation purposes. This includes endowment funds, donations, and earnings.
For more information, contact Tim Hogsett 512.934.2436