CPF Up 5 Percent for Year

Posted on 25 June 2014

The Peconic Bay Community Preservation Fund has raised $28.26 million for the first five months of the year, a 5 percent increase over the same period last year when it collected $36.38 million, according to Assemblyman Fred W. Thiele Jr.

Since it was created in 1999, the CPF, which is funded by a real estate transfer tax in the five East End towns, has collected$923 million.

It is on pace this year to better the 2013 totals, which was the second most successful year in its history, after 2007.

“This reflects the continued strength in East End real estate and the continued availability to local towns of the necessary revenues to protect community character,” he said in a release.

Southampton is leading all towns,  collecting a total of $22.5 million this year, while East Hampton has collected $11.66 million. Southold has collected $1.7 million, Riverhead $1.58 million, and Shelter Island, $820,000.

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