Across the five East End towns, the Peconic Bay Community Preservation Fund took in $9.97 million in February of this year, a 43.5-percent increase over the $6.95 million raised by the CPF in February 2015.
“It is clear that real estate sales on the East End continue to be strong,” said State Assemblyman Fred W. Thiele Jr., an early proponent of the CPF, in a press release. “In addition, the increase over last year’s revenues can be attributed to the weather. Last year’s harsh winter depressed real estate activity in January and February. Comparatively, this year’s more seasonal weather did not hamper sales.”
The CPF took in $18.89 million in January and February 2016, a 23.3-percent increase over the $15.32 million tally for the same two months in 2015. This year saw an almost 71-percent increase for East Hampton Town, an almost 2.5-percent increase for Southampton Town, and an almost 39-percent increase for Riverhead Town over January and February 2015.
Mr. Thiele went on to say in the press release that the five towns are “well positioned” to extend the CPF for another 20 years and add the protection of water quality to what the CPF can be used for. The CPF referendum on both could be held by the towns this year. The 2-percent tax on most real estate transfers that raises money for the CPF is set to expire in 2030.
27east on Apr 11, 2016