Community Preservation Fund growing

Warwick — Since its implementation in April, the town’s Community Preservation Fund now has $410,373.73 from the sale of homes and properties throughout the Town of Warwick. Town Supervisor Michael Sweeton said the numbers are encouraging, especially in a real estate market that few would describe as hot. “The latest month’s numbers were very surprising in such a dead market,” said Sweeton. “We are at the end of our commitment of the $9.5 million bonding. The funds raised through the Community Preservation Fund will certainly help us.” The money raised for the fund has risen steadily since the town started collecting the tax in mid-April, except for a drop in September. But October’s receipts proved to be the best so far. Not only will the funds help buy the development rights to properties in the financial sense, according to Sweeton, they also help when applying for grants from the federal, state, and county governments. “Outside agencies like to see we have money to match their funds,” he said. “That positions us in a great way.” With a total of $410,373.73 over the first six and a half months of being in existence, the fund has provided an average of $63,134.42 per month. If you take the 15 days of April out of the equation, the average is $67,516.55. Over the past four months, the average has been $88,506.39. The town has preserved the development rights to 14 farms as well as beach property in Greenwood Lake, which is now a public beach, since voters approved the $9.5 million Purchase of Development Rights referendum in 2000. That amounts to more than 2,000 acres of land that will never be developed. Last year, residents approved the measure that placed a three quarters of one percent tax on all real estate transactions throughout the town, which went into effect April 15. The money from that tax will go into a Community Preservation Fund and will be used for future purchases of development rights to preserve open space. In addition, the town has received funding from Orange County, New York State and the federal government totaling about $7 million, all used for the purchase of development rights. Five more farms have applied to the town to be included in the Purchase of Development Rights program, Sweeton said, and are being evaluated. The town has applied to both the county and the state for matching grants. Community Preservation Fund Month Amount April $5,274.45 May $17,135.25 June $33,938.45 July $74,151.98 August $118,898.93 September $41,299.78 October $119,674.89 Total $410,373.73