January 22, 2003
RE: OPPORTUNITY TO SELL PINE BARRENS CREDITS FOR $30,000 PER CREDIT
Dear Town of Southampton Sending Area landowner:
A person has contacted the Clearinghouse expressing interest in purchasing up to 40 Pine Barrens Credits originating from Central Pine Barrens sending area land in the Town of Southampton located in the Westhampton Beach School District and the Remsenburg-Speonk School District. Our records indicated that you are the owner of tax parcel(s) in that area. The purchaser indicated that he would be willing to purchase Pine Barrens Credits for $30,000 per credit. If you would be interested in selling one or more Pine Barrens Credits or fraction thereof at this price, please contact the Clearinghouse in writing by February 28, 2003.
Some qualifying property owners in the two school districts identified above have requested or received Letters of Interpretation or Pine Barrens Credit Certificates. If you are one those property owners who knows how many Pine Barrens Credits you have or are entitled to and if you are interested in participating in this offer, please express that interest in writing by stating on the enclosed Transmittal Form the number of Pine Barrens Credits you wish to sell.
If you do not have a Letter of Interpretation and would like to participate in this process, the Clearinghouse must allocate Pine Barrens Credits to your property. To find out the number of Pine Barrens Credits that your parcel(s) are entitled to you should complete and return the enclosed Letter of Interpretation application. The Letter of Interpretation will be issued to you shortly after receipt of your application together with a Transmittal Form. Issuance of a Letter of Interpretation does not impose any obligations on you.
Filling out the Transmittal Form does not obligate you to sell your credits, nor does it guarantee your credits will be purchased. The number of credits to be purchased is up to the purchaser. Credits will be selected for purchase in the order that the Clearinghouse determines the Transmittal Forms are received. The holders of Pine Barrens Credits will be considered for purchase first, then holders of Letters of Interpretation, and finally those individuals without either of the aforementioned documents.
If your credits are selected for purchase, the Clearinghouse will contact you. In order to sell your credits you will have to enter into a contract with the purchaser and execute an approved conservation easement. These will then be submitted to the Clearinghouse together with a completed Pine Barrens Credit Certificate Application and a completed New York State Combined Real Property Transfer Gains Tax Affidavit. A title search, acceptable for the transaction, will also be required, though for smaller parcels the Clearinghouse may be prepared to facilitate the search.
A response to this letter is required within 30 days. If you have any questions on the Pine Barrens Credit Program or need assistance completing the attached form please contact me at (631) 224-2604.
Very truly yours,
Edward W. Randolph