Thousands of pounds of investment could now be made into a park in Shaldon.
Teignbridge Council has agreed to lease the site to the parish council for £1 a year, because they can't afford to do anything with it.
It's thought the parish council has more chance of getting funds to build a new pump track and play area.
A report, to the council, said: "King George V Park & play area is owned and maintained by the Teignbridge District Council but due to lack of funding, it has not been possible to replace or modernise the ageing equipment for over 20 years so some of the installations have already been removed by the council for safety reasons.
"The play equipment would benefit from replacement and modernisation in order to generate additional use and interest, however, the council has no budget available to enable it to invest in such a project."
In July last year Shaldon Parish Council issued a 'Community Asset Transfer application' to the council requesting a lease of the play area.
The proposed layout of the new play area and pump track includes sheltered seating and brightly coloured equipment made from natural material.
The new pump track is likely to cost £45,000 and the play area £80,000 and will be upkept by Shaldon Parish Council.
The original Park was purchased in 1912 by the village of Shaldon to provide a permanent place for recreation and play for all generations of children who reside and visit the village.
The current park combines a fenced off play area which can be used all year round and a football pitch which is principally used during the autumn and winter months, both of which overlook the estuary.