Island CPF money continues to lag
While Community Preservation Funds for the first quarter of 2016 are up by 14.5 percent from what they were in the same period of 2015, Shelter Island is significantly lagging behind the other four East End towns.Shelter Island recorded $330,000 in CPF funds generated by properties purchased here between the beginning of January and the end of March, according to Assemblyman Fred Thiele Jr. (I-Sag Harbor). For the same period in 2015, the Island’s home purchases generated $410,000 in CPF revenues, representing a 19.5 percent difference.
Nonetheless, Shelter Island hasn’t spent much in CPF money in the last couple of years and voters could be acting on a resolution in November to allow the town to devote up to 20 percent of its future CPF revenues to water quality projects.
Such projects could include improvements to wastewater treatment, aquatic habitat restoration, pollution prevention and operation of the Peconic Bay National Estuary Program.
Only Southampton joined Shelter Island in recording a decline in CPF money during the first quarter, but it was slight.
Southampton saw its Community Preservation revenues drop by less than 1 percent as it took in $13.19 million compared with $13.29 million for the same period in 2015.
On the positive side, East Hampton had a whopping 43.3 percent increase in CPF money, taking in $10.12 million, up from $7.06 million last year.
Southold saw a 34.5 percent increase in CPF money during the first quarter of this year, taking in $1.48 million as compared with $1.1 million for the same period in 2015.
Riverhead also saw an increase of 5.3 percent, bringing in $790,000 this year as compared with $750,000 for the same quarter last year.
Despite the Shelter Island numbers, Mr. Thiele said the overall CPF money was an indication that the East End real estate market is strong.
