PARK FINANCING 489 



land deemed by them suitable for park purposes, and to execute notes or 

 bonds therefor, with interest payable annually or semi-annually, maturing 

 at such time as may be agreed upon, signed by the chairman and secretary 

 of said board; and to secure the purchase money dues for the same by 

 mortgage or vendor's lien upon the property purchased, and may sell any 

 portion thereof not needed for park purposes by direction of a majority of 

 said board of park commissioners and apply the proceeds of any property 

 so sold to the payment of the mortgage or vendor's lien given to secure the 

 purchase money for the whole until said mortgage or lien shall be fully satis- 

 fied, whereupon any of said property remaining unsold shall immediately 

 be conveyed by said trustee to the mayor and city council."- - Act of the 

 General Assembly of the state of Tennessee creating the Board of Park 

 Commissioners of Nashville, Tennessee, Chapter 117, Acts of 1901, Section 

 3; Chapter 204, Acts of 1903, Section i. 



In Fort Worth, Texas, an instance is noted where the Park Depart- 

 ment, desiring to secure a neighborhood playfield-park in a certain section 

 of the city, purchased more land than was necessary for the park area. 

 The entire tract was purchased for $12,500. Lots from the tract were sold 

 for a total of $18,750, showing a profit of $6,250 in cash and a seven- 

 acre neighborhood playfield-park in addition which really cost the public 

 nothing. 



In Lorain, Ohio, a group of public-spirited citizens purchased a large 

 tract of land, and after reserving one hundred acres for a large park, sold 

 the remainder for a sum sufficient to cover the entire cost of the original 

 tract. The hundred-acre park was then deeded to the city. The experience 

 in Lorain indicates what might be done by a group of public-spirited citizens 

 in any community where the right of excess condemnation is not legally 

 available to the public authorities or where the public authorities do not 

 dare to exercise it if possessed. Such a group might form a financing corpora- 

 tion for the purpose of purchasing areas designed for park purposes, securing 

 larger areas in each case than is needed for the particular park project, 

 and by selling the surplus recoup the whole of their original investment, 

 and then deed the property to the community. In some cases there would 

 no doubt be a profit from such transactions which could go into a revolving 

 fund for additional transactions. This would be a form of practical philan- 

 thropy that should appeal to citizens whose worldly possessions exceed their 

 needs for the remainder of their lives, the philanthropy consisting largely 

 in the giving up of personal profits and in giving themselves in a work of 

 public service of far-reaching values. 



It frequently happens that private individuals can buy lands more 

 economically than public authorities. Every park department has had the 



