Southampton official wants to buy more land
Map of the Haney Farm in Southampton which will be preserved into perpetuity once the transfer of development rights are purchased for a record amount. Credit: Photo by handout
A Southampton official wants to accelerate borrowing against the Community Preservation Fund's future revenue to buy more land now, while it's available and cheap.
Supervisor Anna Throne-Holst's suggestion comes even as the town nears completion on purchasing a 90-acre farm, its biggest fund-paid land deal.
"It's about maintaining a quality of life, and what is the basis of our economy out here," Throne-Holst said. "What we don't buy today may not be there tomorrow."
Though all of the East End towns borrow against the fund, Throne-Holst said Southampton had been too conservative. A town committee has come up with a color-coded map to survey all available land ripe for acquisition, with an emphasis on spreading out purchases on the east and west sides of the canal, she said.
Though he favors the idea, Councilman Christopher Nuzzi said the town must be careful not to borrow too much against the fund and take the chance of incurring a liability that the fund couldn't pay for. "It's not that we can't do it, but we need to be prudent," he said.
Councilwoman Nancy Graboski agrees with Nuzzi, saying that the fund has been volatile over the last few years.
Creation of the fund, generated by a 2 percent real estate tax that exempts the first $250,000, was approved by a voter referendum and took effect in 1999. All five East End towns participate, and money raised by the tax in a town is used to purchase land there.
In addition to an outright purchase, land can be preserved through transfer of development rights. Owners can keep working the land, mostly farms, but covenants are put in place so it can't be built upon or sold for development.
There will be a public hearing June 14 on the development rights acquisition of Haney Farm, about 90 acres on Montauk Highway in Sagaponack. The town did not disclose the price because it is still in negotiations but said it would be its largest purchase to date.
Southampton's unique real estate -- large estates not affected by the economy -- allows it to bring in the most by far of any of the other four towns. This year, it has generated $11 million for the town.
The fund brought in $24.8 million in 2009, and $53.5 million, its peak, in 2007 for Southampton. In total, it has pulled in $388,461,305 from its inception in April 1999 through the end of March 2011
