A.
The Town Board hereby finds that in 1998, the New York State Legislature adopted Chapter 114 of the Laws of 1998, which authorized towns in the Peconic Bay Region to establish community preservation funds for the purpose of preserving land for open space, farmland preservation, historic preservation, and parks and recreation purposes. The revenue for said fund was to be derived from a two-percent real estate transfer tax. This Town Board, by Local Law No. 14 of 1998, did implement the provisions of Chapter 114 of the Laws of 1998. Said local law was approved by the electors of the Town in a mandatory referendum on November 3, 1998. Pursuant to the provisions of said local law, the Town Community Preservation Fund went into effect on April 1, 1999.
B.
The Town Community Preservation Fund has been an unparalleled success in preserving land for parks and conservation purposes. From 1999, through on or about 2015, the Community Preservation Fund in the Peconic Bay Region has generated $1,000,000,000 with more than 10,000 acres of open space and farmland preserved for the public benefit.
C.
The authorization for the two-percent real estate transfer tax was originally set to expire at the end of the year 2010. The State Legislature, by the enactment of Chapter 250 of the Laws of 2002, authorized the towns to extend the expiration date of the tax until December 31, 2020, subject to mandatory referendum. The Town Board in 2002 did enact a local law which provided for such extension. The voters approved the local law at the general election held November 5, 2002. Again in 2006, the State Legislature, by the enactment a chapter of the Laws of 2006, authorized the towns to extend the expiration date of the tax until the end of the year 2030. The Town Board in 2006 did enact a local law which provided for such extension until 2030. The voters approved the local law at the general election held November 7, 2006.
D.
In 2015, the State Legislature approved and the governor signed into law Chapter 551 of the Laws of 2015, amending 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 to extend the two-percent real estate transfer tax from December 31, 2030, to December 31, 2050, and creating a new category of eligible funding for water quality improvement projects including, but not limited to, wastewater treatment; aquatic habitat restoration; and pollution prevention. It further allows the Town Boards of any town within the Peconic Bay region (East Hampton, Riverhead, Shelter Island, Southampton 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).
E.
This article implements the twenty-year extension and creates a new category of eligible funding for water quality improvement projects.