Environmental Preservation - As introduced, creates a grant program to facilitate green spaces in urban areas; authorizes the technical secretary of the air pollution control board to establish a program to encourage community-led programs that reduce air pollution. - Amends TCA Title 4, Chapter 3, Part 5; Title 5; Title 6; Title 7; Title 11; Title 43, Chapter 24 and Title 68, Chapter 201.

SB 1206 creates a state grant program called the Urban Green Space Development Fund to help local governments and nonprofits purchase or protect green spaces (like parks and community gardens) in urban areas. The fund provides grants for land acquisition and protective agreements, requiring nonprofits to contribute matching non-state funds. It also authorizes a separate program to support community-led projects that reduce air pollution. The bill establishes clear rules for grant eligibility, matching requirements, and perpetual land use restrictions to ensure projects serve public recreational and environmental needs.