CPF Revenue Slows
Peconic Bay Community Preservation Fund revenues were 22.5 percent lower in the first seven months of 2019, when compared with the same time period in 2018, according to a report released by New York State Assemblyman Fred Thiele Aug. 26.
Mr. Thiele, who more than 20 years ago authored the state CPF legislation that funded land preservation on the East End through a 2 percent real estate transfer tax, reported that $46.8 million had been generated for the CPF in January through July of 2019, compared with $60.36 million in the same time period last year.
While revenues decreased in East Hampton, Southampton and Riverhead towns, Shelter Island and Southold saw modest increases.
Shelter Island took in $870,000, up 26.1 percent from the $690,000 collected in the same period last year. Southold collected $4.48 million, up 3 percent from $4.35 million.
Riverhead collected $1.77 million, down 33.7 percent from $2.67 million.
East Hampton collected $13.58 million, a 32 percent decline from $19.97 million. Southampton collected $26.11 million, down 20.1 percent from $32.68 million.