Relates to the Peconic Bay Community Preservation Fund

BILL NUMBER:S5324

Title of bill

An act to amend the town law, in relation to the Peconic Bay community preservation fund and chapter 114 of the laws of 1998 amending the town law and other laws relating to authorizing certain towns in the Peconic Bay region to establish community preservation funds, in relation to extending the effective date thereof

Purpose

This legislation relates the Peconic Bay Community Preservation Fund (CPF) by extending the 2% real estate transfer tax from December 31, 2030 to December 31, 2050 and creating a new category of eligible fund- ing for water quality improvement projects, including wastewater treat- ment, aquatic habitat restoration and pollution prevention.

Summary of provisions

Section 1. Amends Section 64-e of the Town Law relating to the CPF which defines and provides a new category of eligible funding for water quali- ty improvement projects including: wastewater treatment; aquatic habi- tat restoration; and pollution prevention. It further allows the town boards of any town within the Peconic Bay region (East Hampton, River- head, Shelter Island and Southold) to utilize a maximum of 20% of the CPF to finance the implementation of water quality improvement projects. The CPF water quality improvement funds could be used to match any federal, state, county or other funds up to a maximum of 10% of water quality improvement funding for the operation of the Peconic Bay National. Estuary Program (PEP).

Section 2. Provides that a town which extends the provisions of Section 31-D of the tax law, or adopts the provisions of this act relating to water quality improvement projects must implement a local law subject to a mandatory referendum pursuant to municipal home rule law.

Section 3. Extends the 2% real estate transfer tax from December 31, 2030 to December 31, 2050.

Section 4. Immediate effective date.

Justification

Since its inception in 1999, the Peconic Bay Community Preservation Fund (CPF), a 2% real estate transfer tax for land acquisition for open space, farmland, and historic preservation, as well as recreational purposes, has raised over $1 billion to protect over 10,000 acres of land on the East End of Long Island.

Extending the CPF through 2050 will ensure that additional funds are raised to help further protect lands and community character. Also included in this extension is a new provision allowing a portion of the generated revenue on projects that would help improve water quality. The

East End, surrounded entirely by water, is a community whose history, economy, and character is dependent upon clean water for recreation, tourism, and shellfishing. Maintaining the ecological health of local bays is just as crucial to protecting the character of the community as preserving open space has been.

Legislative history

2015: New Legislation

Fiscal implications

None to the State.

Effective date

This act shall take effect immediately.