Island sees historic boost in preservation funds

Shelter Island continues to lead the other East End towns in its percentage increase in Community Preservation Funds for the first quarter of 2021, according to numbers released by Assemblyman Fred Thiele Jr. (I-Sag Harbor).

Shelter Island shows a 191.3% increase in the funding compared with the first quarter of 2020. The town took in $1.34 million for the first three months of 2021 receiving $460,000 for the same months last year.

The money comes from a 2% tax paid by property buyers with most of it being used to acquire and preserve open spaces, while up to 20% can be redirected to water quality improvement projects.

Overall, the five East End towns saw a 78.6% increase, receiving $55.22 million compared with $30.92 million last year, Mr. Thiele said.

East Hampton saw a 161.1% increase its first quarter CPF money, receiving $17.5 million compared with $6.7 million for the first three months of 2020. Southampton was up 55%  bringing in $31.32 million this year compared to $20.20 million for the same period last year.

Riverhead saw a 44.4% increase in CPF money, netting $1.82 million this year compared with $1.26 million last year. Southold saw a 40.6% increase, with $3.22 million added to its CPF coffers compared with $2.29 million last year.

“Revenues are the largest first quarter in the history of the CPF,” Mr. Thiele said. “This marks the eighth straight month that revenues have exceeded $10 million per month. The last six months have all exceeded $15 million per month.”

In March alone this year, the East End towns received $18.15 million this year compared to $10.19 million in March 2020.

Since its inception in 1999, the Community Preservation Fund has generated $1.655 billion. In the last 12 months, the CPF has generated $164 million. The 2% tax expires in 2050.

“Revenues for the CPF continue to reflect the significant increase in real estate activity on the East End since the advent of the pandemic,” Mr. Thiele said.