Since its inception in 1998, the Peconic Bay Community Preservation Fund has raised approximately $757 million, which the five East End towns have used to preserve open space, farmland, historic buildings and places as well as recreational fields. During its tenure as a resource for preservation, the bounds of the CPF have been questioned for concepts like a 2008 proposal between East Hampton, Southampton and Sag Harbor to use CPF funds to preserve Bay Street Theatre in Sag Harbor, which was ultimately deemed a purchase that went beyond the intentions of the law.
The revenue for the fund is derived from a two-percent real estate transfer tax. It expires on December 31, 2030.
Last week, the architects of the CPF, New York State Assemblyman Fred W. Thiele, Jr. and New York State Senator Ken LaValle, announced they have created a Peconic Bay Regional Community Preservation Fund Advisory Opinions Bureau in an effort to have a specific group ensure the effective and consistent administration of the fund.
The 11-member bureau will also provide legal opinions and interpretations regarding any questions that are raised about how the five East End towns — East Hampton, Sag Harbor, Southampton, Shelter Island and Riverhead — are expending their CPF monies.
A representative from each of the five towns, appointed by the town supervisor, will serve on the board as will a representative from each of the East End villages. Thiele and LaValle will also appoint five members of the public at large.
“This Advisory Bureau will institute oversight measures to help protect the integrity of the Community Preservation Fund,” said Thiele. “The Peconic Bay Region taxpayers and communities deserve to know that the Fund is being implemented appropriately and consistently throughout the region.”
“Transparency and accountability to taxpayers is essential to the fund’s continued success,” said Senator LaValle.