Council members officially accepted the gift from Storm Lake residents Denny and Kay Kessler during a meeting on Monday.
The lot is located at the end of the Rose Lane cul-de-sac, and borders two other parcels owned by the Kesslers, who are in the process of selling them to Buena Vista County Habitat for Humanity in hopes of seeing them developed as housing for limited-income families.
Residents of Tulip, Rose and Violet Lanes currently do not have a neighborhood park, and the closest one with play equipment is over a mile away.
Equipment for the park has yet to be determined, City Clerk Justin Yarosevich said, but noted it may include small playground equipment or a half basketball court.
"We would love it to be a lot bigger, but think we can do something with the lot," he commented.
The site would be open to the entire community and would be maintained by the city. Future development for the park is expected to be discussed during the City's upcoming budgeting process in February.