The need for a park that served the west side of Lakeville was identified during the planning of the 1994 Park Bond Referendum. Funding to acquire and develop the park was included in the bond referendum and preliminary plans included a warming house, skating facility, parking, playground, athletic courts, ballfields and trails. The cost of the project was estimated at $387,150. As the Prairie Lake development was being platted and constructed, the planning of Prairie Lake Park was completed as well. In 2004, construction of the park was completed. Though the park was primarily funded through park bond funds, the U.S. Home Corporation was required to make a cash contribution to the park dedication fund at the time of final plat.