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Hamptons Life

Apr 28, 2014 1:22 PMPublication: The East Hampton Press & The Southampton Press

First-Quarter CPF Revenues Are Up On East End

Apr 28, 2014 1:37 PM

Peconic Bay Community Preservation Fund revenues were up 8 percent throughout the East End in the first quarter of 2014.

This year $21.85 million was collected, compared to $20.23 million in the first quarter of 2013.

First-quarter revenues for Southampton Town were up nearly 16 percent, while East Hampton’s dipped a little more than 9 percent. Across the five towns participating in the CPF, overall March revenues this year totaled $7.25 million, compared to $4.19 million in March 2013.

Last year’s CPF total revenue was the second-highest in the history of the fund, which derives from a transfer tax on most real estate transactions and is used to preserve open space.

State Assemblyman Fred W. Thiele Jr. noted that although revenues were up in the first three months of this year, the number of transactions was down, from 2,164 to 1,716. “I do think the weather had an effect,” he said Friday, recalling a winter some may prefer to forget.

The top year for CPF revenues was 2007, after which the numbers started to decline along with the overall economy. Recently, there has been “a really big rebound,” Mr. Thiele said, adding, “What happens on Wall Street really affects what happens on Main Street.”

Since its inception in 1999, the CPF has collected more than $900 million, $97.05 million of that in the last 12 months.

VIRGINIA GARRISON

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Great, now get rid of the CPF. They are running out of property to buy so they create wasteful expenditures ( Neptunes for example). Give the money back to the residents. But as always, once Government finds a source of income, they will never let it go.
By The Real World (368), southampton on Apr 29, 14 8:23 AM
That's why they created PILOT funding
By Nature (2966), Hampton Bays on Apr 29, 14 12:38 PM
Spend some in Southampton village. Buy the empty lot on Hampton Rd and Elm St before it becomes a bank and ruins a quiet residential area.
By oystercatcher (126), southampton on Apr 29, 14 11:33 PM
I think we are at a time where it is clear there is few more parcels of land available for what the CPF was originally intended for. If more pop up ..great , buy the open space to preserve it. In the meantime, why doesnt the town buy houses that are on the open market that would make good year round rentas for the actual people who want to work and live here. I heavily doubt the CPF will ever be removed . We should start to preserve our community by helping those that contribute to the area ( volunteer ...more
By SHD management (13), on May 1, 14 9:54 AM
Of course the tenants of these houses would pay a rent. The houses would be put on a lottery system . For example if they already worked in the area or had children in our school system they may be in line for a property that fit thier need of proximity of job and school.
We should also explore the option of town buying houses with the CPF and selling as town housing . Kind of like the article on Camp Hero. Hell it worked for those families!
By SHD management (13), on May 1, 14 10:00 AM
A) Legislation would have to be changed by the State to allow for this
B) The Town doens't need to be in the landlord business
C) There's already provisions for local people who contribute to the area (EMT, Firefighters, Military) to get priorty on housing lottery lists (such as for the 72H properties the County gave the town)
D)Cops and Teachers do not need assistance affording houses on the east end (not a dig at them, but their salaries allow for them to buy market housing)
E) ...more
By Nature (2966), Hampton Bays on May 1, 14 10:07 AM