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Jul 29, 2009 11:36 AMPublication: The Southampton Press

CPF revenues down 60.5 percent from 2008

Jul 29, 2009 11:36 AM

Because of a sluggish real estate market, Community Preservation Fund revenues collected by the five East End towns during the first six months of 2009 were down 60.5 percent from the same period in 2008, according to a press release issued Tuesday by State Assemblyman Fred W. Thiele Jr. of Sag Harbor.

On the plus side, June 2009’s revenue, totaling $3.84 million, was the highest single-month total of the last eight months, Mr. Thiele reported.

The five towns—Southampton, East Hampton, Riverhead, Shelter Island and Southold—collected about $13.84 million between January 1 and June 30 this year, according to Mr. Thiele’s press release. During the first six months of last year, the fund generated about $35 million.

Southampton Town, which collected about $21.5 million in the first half of 2008, collected about $8.35 million this year, Mr. Thiele’s press release said, a 61-percent drop.

East Hampton Town’s revenues are down about 57 percent, from $8 million during the first six months of 2008 to $3.47 million during the first six months of this year.

In 2007, Southampton Town generated $30 million in CPF revenue from January through June, and East Hampton generated $16 million.

Created in 1998 to fund open space and farmland preservation in the five East End towns, the Peconic Bay Community Preservation Fund is fueled by a 2-percent tax on real estate transfers levied individually by the towns.

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