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Community Preservation Fund up almost 50 percent over last year
With East End real estate continuing to rebound, the five East End towns’ funds to preserve land received almost 50 percent more in the first six months of the year compared with the same period a year ago.
Revenue for the Peconic Bay Community Preservation Fund through June was $43.87 million. A year ago, it was $29.62 million, an increase of 48.1 percent, Assemb. Fred W. Thiele Jr. (I-Sag Harbor) said in a statement.
The number of transactions for the first six months of 2013 was 4,100 compared with 3,051 a year ago. Since its inception in 1999, the preservation fund has generated $833.17 million.
Thiele said in a statement that the fund is on pace to produce $85 million to $90 million, the highest level since before the recession.
Of the five East End towns, Shelter Island saw the biggest percentage increase over the first six months, from $380,000 to $1.16 million. That was followed by East Hampton, which increased from $9 million to $14.33 million. Southold had the smallest increase year-over-year, at 3.7 percent, from $1.63 million to $1.69 million.