Peconic Bay Community Preservation Fund Down 7.3 Percent From 2015

Assemblyman Fred W. Thiele, Jr. reported that revenues for the Peconic Bay Community Preservation Fund (CPF) produced $84.39 million for the first 11 months of 2016. A year ago, $91.05 million was collected during the same period. CPF revenues for November 2015 were $9.51 million, while November 2016 revenues totaled $7.41 million – 22.1 percent less than a year ago.

“The CPF revenues in the first 11 months of 2016 are less than 2015 by 7.3 percent,” shared Assemblyman Thiele. “CPF revenues are on pace to exceed $90 million for the year.”

The CPF is responsible for the administration of the Town’s land acquisition program and is financed through property transfer tax revenues. The department provides an oversight and management of the Community Preservation Project Plan and Management and Stewardship Plan. They also identify key holdings and other areas that are the highest priorities for public land acquisition, consolidation, and Purchases of Development Rights (PDR).

“The decline over the past year can be attributed to the Hamptons, primarily the Town of Southampton which has seen revenues dipped by $6.29 million,” he noted.

The Peconic Bay Regional CPF was created in 1999 and has generated a whopping $1.163 billion. In the last 12 months alone, the CPF has generated $102 million. The CPF has made possible the preservation of more than 3,000 acres of vacant land and improved parcels of historic, recreational, and environmental value.

The Community Preservation Fund Office is located at 24 West Montauk Highway in Hampton Bays. For more information, call 631-287-5720 or visit www.southamptontownny.gov.