Pine Barrens Credit Clearinghouse

James T.B. Tripp, Esq., Chairman
Andrew P. Freleng, AICP, Vice Chairman
Vincent J. Cannuscio, Member
Richard W. Hanley, Member
Mitchell H. Pally, Esq., Member

August 14, 2001

RE: Opportunity to sell Pine Barrens Credits

Dear Town of Brookhaven Sending Area Landowner:

The Pine Barrens Credit Clearinghouse is pleased to announce the availability of five hundred thousand dollars ($500,000.00) to purchase 12.5 Pine Barrens Credits (PBCs) generated in the Town of Brookhaven. The Clearinghouse is offering $40,000.00 per PBC. As an owner of land in the Sending Area you may be eligible to offer PBCs for sale under this program.

The Clearinghouse was established by the Central Pine Barrens Comprehensive Land Use Plan, adopted by the Central Pine Barrens Joint Planning and Policy Commission pursuant to New York State Law. The Clearinghouse is designed to facilitate Pine Barrens Credit transactions.

Individuals in Brookhaven are willing to purchase PBCs because, under the Pine Barrens Plan, they are then able to undertake more intensive residential or commercial developments per acre than they otherwise could under current Town zoning or Health Department regulations.

To determine the number of PBCs you are eligible to receive, please complete and return the enclosed Letter of Interpretation (LOI) application. It must be returned on or before September 6, 2001 at 12:00 noon New York time. Shortly after your LOI application is received, if eligible, the Clearinghouse will issue you a LOI stating the number of PBCs you are eligible to receive. The LOI is the first step in receiving PBCs. If you are interested in selling the PBCs allocated, you must complete and return the transmittal form that will accompany your LOI. Filling out the Transmittal Form does not obligate you to sell your credits, nor does it guarantee that your credits will be purchased.

To participate, you must complete and return the Letter of Interpretation application. The Letter of Interpretation application must be received on or before September 6, 2001 by 12:00 noon New York time to participate in the offer. Filling out the Letter of Interpretation form does not obligate you to sell your credits, nor does it guarantee that your credits will be purchased.

The Clearinghouse will purchase credits on a pro-rata basis, with the caveat that the Clearinghouse retains the discretion to limit the number of credits that it purchases from any one seller of credits. If your credits are selected for purchase, the Clearinghouse will contact you indicating the purchase price and will provide the documents that must be executed to sell your credits.

Remember, to participate your Letter of Interpretation application must be received on or before September 6, 2001 by 12:00 noon New York time. If you have any questions please contact the Clearinghouse at (631) 224-2604 or review its world wide web site at http://www.pb.state.ny.us.

Very truly yours,

James T.B. Tripp

Enclosure

(Note:  A ".pdf" version of this document is available at this link.)