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Southampton: $30M bond to preserve land

Anna Throne-Holst

Anna Throne-Holst Photo Credit: Joseph D. Sullivan

Southampton Town last week passed a resolution to bond $30 million for land preservation, one of the town board’s last votes in 2011.

The money, which will come from the town’s Community Preservation Fund, will buy land for preservation.

The vote, which needed a supermajority, passed with an amendment by Councilman James Malone mandating that the town set aside 10 percent of the Community Preservation Fund each year to pay for the debt service on the bond.

Supervisor Anna Throne-Holst, above, has said that borrowing against expected revenue to pay for land now is one of her goals. The idea is to buy land while it is cheaper and available, she said. “We have this amazing tool,” Throne-Holst said. “We put that advisory group together, and what they came back with was a four-year, $125 million plan. To borrow $30 million was taking that first step.”

The Community Preservation Fund, which was approved by public vote, was set up for East End towns beginning in 1999 and will continue until 2030. It is funded by a 2 percent real estate sales tax on homes, with the first $250,000 of the sales price exempt. Southampton gets the most money of any East End town, about $32 million through the first 10 months of 2011.

 

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