Peconic Bay Community Preservation Fund Produces Highest Annual Total in History

Assemblyman Fred W. Thiele, Jr. (I-Sag Harbor) recently reported that the Peconic Bay Community Preservation Fund (CPF) produced $107.69 million in revenue for the Peconic Bay Region in 2014, the highest annual total in history.

It beat the previous annual record of $96.02 million set in 2007, before the Great Recession.

The CPF took in $14.43 million in revenue for the Peconic Bay Region for December 2014, also the highest one month total in the history of the program. Revenue for 2014 is 12.8% higher than in 2013 when $95.43 million was collected.

The Towns of Southampton and East Hampton also generated its highest annual revenue in the history of the
program in 2014.

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Since it began in 1999, the Peconic Bay Regional Community Preservation Fund has generated $992.52 million.

The CPF could exceed the $1 billion mark in the next month or two.

“It is clear that the real estate industry on the East End is in its strongest position since the start of the recession in 2008,” Thiele said. “CPF revenues have increased by 167% since 2009 and have consistently grown for the past five years.”

According to Thiele, the Town CPF funds should now have plenty of cash to allow Towns to be aggressive in protecting lands for open space, farmland, parks and recreation, and historic preservation purposes.

“Further, we are now well positioned to extend the fund for an additional 20 years and add water to land preservation in our efforts to protect the East End’s community character,” he said.

In the Town of East Hampton, the revenue went up from $28.15 million in 2013 to $31.62 million in 2014.

In the Town of Riverhead, the revenue went up from $2.58 million in 2013 to $3.41 million in 2014.

In the Town of Shelter Island, the revenue went up from $2.05 million in 2013 to $2.20 million in 2014.

In the Town of Southampton, the revenue went up from $57.79 million in 2013 to $64.68 million in 2014.

In the Town of Southold, the revenue went up from $4.86 million in 2013 to $5.78 million in 2014.

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