Categorized | Government

Peconic Bay Community Preservation Fund Revenues Up for May

Posted on 02 July 2013

The Peconic Bay Community Preservation Fund (CPF) for the first five months of 2013 has produced $36.38 million in revenue. A year ago, $23.95 million was collected during the same period. This represents a 51.9 percent increase from a year ago.

The number of transactions for the first five months of 2013 was 3,477 compared with 2,488 a year ago. Since its inception on 1999, the Peconic Bay Regional Community Preservation Fund has generated $825.68 million. The CPF is on target to generate $80 to $85 million for 2013, the highest since 2007.

“It is clear that we are seeing a substantial up-tick in real estate activity on the East End,” said Thiele. “This looks to be the most robust year for the CPF since 2007, before the Great Recession. Thus far, activity in 2013 is building upon the upward trend that began in 2012. In particular, the South Fork and Shelter Island have shown the greatest increases.”

East Hampton Town has seen a 54.6 percent increase in revenues when comparing 2012 and 2013, taking in $11.55 million during the first five months. Southampton Town has seen similar growth, taking in $21.67 million in the first five months of 2013 compared to $14.22 million in 2012, a 52.3 percent increase. Shelter Island has taken in $980,000 so far in 2013, compared to $260,000, a 277 percent increase. Riverhead Town has earned $840,000, a 21.7 percent increase over 2012. Southold Town showed the least amount of gains, earning $1.33 million over $1.31 million in 2012, a 1.5 percent increase.

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