This year could end up being the highest revenue producer for the Peconic Bay Community Preservation Fund since its inception in 1999.
As of October, CPF revenues have consistently been more than $7 million per month, putting the fund on track to produce more than $98 million by the end of December, which would be the highest annual tally ever.
State Assemblyman Fred W. Thiele Jr. noted in a press release that, to date, 2013 had the second-highest revenues ever, behind only the revenues posted in 2007. This year has been outperforming 2013—$82.38 million in the first 10 months, as opposed to $75.73 million for the same period in 2013, which is an 8.8-percent increase.
In 2007, the best year ever for the CPF, total revenues were nearly $95 million—an amount within reach this year.
Even so, CPF revenues from October, $10.56 million, were actually down from October 2013, $11 million. But this October’s total is the largest total of any month in 2014.
The CPF raises money for public land preservation through a tax on real estate transfers in each of the five East End towns. It has generated $967.12 million since its inception, $102.1 million of that in the last 12 months.
On a town-by-town basis, Southampton Town has taken in $49.27 million so far this year, a 10.7-percent increase over the first 10 months of 2013, when $44.5 million was raised. East Hampton Town’s revenue increased only slightly for the same time period, a 0.3-percent rise, from $23.88 million to $23.97 million.
In Southold Town, revenues took a 27-percent jump, from $3.54 million to $4.5 million, and Riverhead Town’s leaped 35.7 percent, from $2.13 million to $2.87 million. On Shelter Island, revenue rose 5.4 percent, from $1.67 million to $1.7 million.
“This reflects the continued strength and stability in East End real estate and the continued availability to local towns of the necessary revenues to protect community character,” Mr. Thiele said, once again, in the month’s press release.
27east on Nov 21, 2014