Revenues for the Peconic Bay Region Community Preservation Fund during the first 11 months of 2019 were down 23.2 percent compared to the same period in 2018, according to New York State Assemblyman Fred W. Thiele Jr.
The CPF take across the five East End towns totaled just $69.29 million through November, compared to $90.28 million through November in 2018. Mr. Thiele’s office says projected revenue for the entire year is $76 million, which would be the lowest since the downturn in the real estate market from 2008 to 2012.
Each town maintains its own CPF. East Hampton Town brought in $20.9 million, a 29 percent year-over-year decrease. Southampton Town’s revenue was $36.98 million, a 23.7 percent slide.
Since its inception in 1999, the Peconic Bay Region Community Preservation Fund has generated $1.451 billion for open space preservation, water quality and other uses. It is funded through a 2 percent tax on most real estate transactions.
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