In 1996, a lease between the City and three property owners was approved to allow development of Imperial Lane Park. The lease was for one year with automatic renewal for ten years unless a 30-day notice was given by either party for a fee of per year to each owner.
The Park Committee and Common Council approved naming the park VT Pride Park (February 11 and 17, 2003) in memory of Vernon Taylor. Mr. Taylor was instrumental in the creation of the park and was actively involved in the community. He wanted the name to be Pride Park and VT, his nickname, was added. The park had previously been called Imperial Lane Park.