The Peconic Bay Community Preservation Fund netted $95.43 million in 2013, the second highest total ever. (Revenue for 2007, the record year, was $96.02.) The CPF is funded by the 2% real estate transfer tax in the five East End towns (East Hampton, Riverhead, Shelter Island, Southampton, and Southold) and is used to preserve open space and farmland in the area.
Southampton Town took in $57.79 million last year, its highest total ever, while East Hampton received $28.15 million, its second-highest total. "It is clear, based on the CPF revenues for 2013, [that] the real estate industry on the East End is in its strongest position since the start of the recession in 2008," State Assemblyman Fred W. Thiele Jr. said in a press release.
Since its inception in 1998, the CPF has saved more than 10,000 acres from development.
· CPF Revenues for 2013 Nearly Breaks Record [27East]
· All Previous CPF Posts [Curbed Hamptons]