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 $300 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.
Al Johnson, Treasurer
Richardson, TX 75081