Peconic Bay Community Preservation Fund revenues have officially burst through the $1 billion mark.
The fund has generated $1.00089 billion since its inception in 1999, according to a press release this week from State Assemblyman Fred W. Thiele Jr., which also announced revenue totals for January, when the tax on real estate transactions in the five East End towns brought in $8.37 million—an almost 20-percent increase over the $7.01 million haul in January 2014.
January revenues rose in three of the five East End towns that participate in the CPF program, which levies a real estate transfer tax to raise money for preserving open space and similar community resources. East Hampton’s was the largest increase—an almost 70-percent hike, from $1.51 million to $2.43 million. But Southampton Town took in the most money, $5.13 million in 2015, as opposed to $4.66 million in 2014, a $10.1-percent increase.
Southold collected $300,000, an 11.1-percent increase over the $270,000 last January, while Shelter Island took in $270,000, a decrease of 15.6 percent from last year’s $320,000. Riverhead took in $230,000, an 8-percent decrease from last January’s $250,000.
Of the $1 billion-plus raised thus far over the life of the CPF, Southampton can claim credit for $585.17 million, East Hampton for $278.43 million, Southold for $67.87 million, Riverhead for $47.71 million, and Shelter Island for $21.71 million.
“The Community Preservation Fund, in passing the $1 billion mark, has exceeded all expectations its creators envisioned when it was enacted in 1998,” Mr. Thiele said in the release. “The true measure of its success is not the level of revenue but the more than 10,000 acres that have been protected across the East End.”
Creators and administrators of the fund are planning a “Billion Dollar Bash” at the Suffolk Theater in Riverhead at 5 p.m. on Thursday, March 5.
on Feb 27, 2015