Categorized | Government

Peconic Bay Community Preservation Fund (CPF) Up 138 Percent

Posted on 28 March 2013

On Friday, New York State Assemblyman Fred W. Thiele, Jr. announced the Peconic Bay Community Preservation Fund (CPF) produced $4.92 million in revenues for the Peconic Bay region in February 2013 compared with $3.32 million a year ago. For the year to date, Thiele said revenues are at $16.04 million compared with $6.73 million a year ago, a 138 percent increase from last year.

There have 1,613 transactions this year compared with 952 a year ago.

Shelter Island had the largest growth so far this year, collecting $630,000 in 2013 compared to $50,000 in 2012, a 1,160-percent increase. East Hampton has also seen significant growth, taking in $4.40 million in 2013, a 223 percent increase with Southampton Town earning $9.92 million in 2013, a 119 percent increase. The Town of Southold also saw gains, earning $730,000 this year, a 55 percent increase from 2012. Riverhead had a 19 percent increase so far this year, taking in $370,000.

The CPF has generated $794.69 million since its inception in 1999. The two-percent transfer tax expires in 2030.

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