As used in this article, the following words and terms shall have the following meanings:
ADVISORY BOARD
The Town of Shelter Island Community Preservation Fund Advisory Board created under this article.
COMMUNITY PRESERVATION
Includes the following:
A. 
The establishment of parks, nature preserves or recreational areas.
B. 
The preservation of open space, including agricultural lands.
C. 
The preservation of lands of exceptional scenic value.
D. 
The preservation of freshwater and saltwater marshes or other wetlands.
E. 
The preservation of aquifer recharge areas.
F. 
The preservation of undeveloped beachlands or shorelines.
G. 
The establishment of wildlife refuges for the purpose of maintaining native animal species diversity, including the protection of essential habitat to the recovery of rare, threatened or endangered species.
H. 
The preservation of pine barrens consisting of such biota as pitch pine and scrub oak.
I. 
The preservation of unique or threatened ecological areas.
J. 
The preservation of rivers or river areas in natural, free-flowing condition.
K. 
The preservation of forested lands.
L. 
The preservation of public access to lands for public use including stream rights and waterways.
M. 
The preservation of historic places and properties listed on the New York State Register of Historic Places and/or protected under a Town historic preservation local law.
N. 
Undertaking any of the aforementioned in furtherance of the establishment of a greenbelt.
FUND
The Town of Shelter Island Community Preservation Fund established and created by this article.
A. 
The Town of Shelter Island Community Preservation Fund is hereby established pursuant to § 64-e of the Town Law.
B. 
Deposits into the fund may include revenues of the Town from whatever source and shall include the revenues from the real estate transfer tax imposed by the Town pursuant to Article II of this chapter and Article 31-D of the Tax Law of the State of New York.
C. 
The fund shall also be authorized to accept gifts of any such interests in land or funds. Interest accrued by moneys deposited in the fund shall be credited to the fund.
D. 
In no event shall moneys deposited in the fund be transferred into any other account.
E. 
Nothing contained in this section shall be construed to prevent the financing, in whole or in part, pursuant to the Local Finance Law of the State of New York, of any acquisition authorized pursuant to this chapter. Moneys from the fund may be utilized to repay any indebtedness or obligations incurred pursuant to the Local Finance Law of the State of New York, consistent with effectuating the purposes of this chapter.
A. 
The purposes of the fund shall be exclusively:
(1) 
To implement a plan for the preservation of community character as required by § 64-e, Subdivision 6, of the Town Law.
(2) 
To acquire interests or rights in real property for the preservation of community within the Town including any village in accordance with said plan.
(3) 
To establish a bank pursuant to a transfer of development rights program consistent with § 261-a of the Town Law, at the sole discretion of the Town Board.
(4) 
To provide a management and stewardship program for such rights and interests acquired by the fund, consistent with this article and in accordance with said plan.
B. 
The acquisition of interests and rights in real property under the fund shall be in cooperation with willing sellers.
C. 
Not more than 10% of the fund shall be utilized for the management and stewardship program provided for in Subsection A(4) of this section.
D. 
Upon the full implementation of the community preservation project plan, and funds are no longer required for the purposes provided for in this section, any remaining moneys in the fund shall be applied to reduce any bonded indebtedness or obligations incurred to effectuate the purposes of this section.
A. 
An Advisory Board is hereby established to review and make recommendations on proposed acquisitions of interests in real property using moneys from the fund.
B. 
Such Board shall consist of seven members who shall be residents of the Town and who shall serve without compensation. No member of the Town Board shall serve on the Advisory Board.
C. 
A majority of the members appointed shall have demonstrated experience with conservation or land preservation activities. At least one member of the Advisory Board shall be an active farmer.
D. 
The Board shall act in an advisory capacity to the Town Board.
A. 
No interest or right in real property shall be acquired by the fund until a public hearing is held as required by § 247 of the General Municipal Law.
B. 
Nothing herein shall prevent the Town Board from entering into a conditional purchase agreement before a public hearing is held.
C. 
Any resolution of the Town Board approving an acquisition of land pursuant to this chapter shall find that acquisition was the best alternative for the protection of community character of all the reasonable alternatives available to the town.
A. 
Lands acquired under this chapter shall be administered and managed in a manner which:
(1) 
Allows public use and enjoyment in a manner compatible with the natural, scenic, historic and open space character of such lands.
(2) 
Preserves the native biological diversity of such lands.
(3) 
With regard to open spaces, limits improvements to enhancing access for passive use of such lands such as nature trails, boardwalks, bicycle paths and peripheral parking areas, provided that such improvements do not degrade the ecological value of the land or threaten essential wildlife habitat.
(4) 
Preserves cultural property consistent with accepted standards for historic preservation.
B. 
The Town may enter into agreements with corporations organized under the Not-for-Profit Corporation Law engaged in land trust activities to manage lands including less than fee interests acquired by the fund.
C. 
Any such agreement shall contain a provision that such corporation shall keep the lands accessible to the public unless such corporation shall demonstrate to the satisfaction of the Town that public accessibility would be detrimental to the lands or any natural features associated therewith.
A. 
Rights or interests on real property acquired with moneys from the fund shall not be sold, leased, exchanged, donated or otherwise disposed of or used for other than the purposes permitted by this chapter without the express authority of an act of the State Legislature, which shall provide for the substitution of other lands of equal environmental value, fair market value and reasonably equivalent usefulness and location to those to be discontinued, sold or disposed of, and such other requirements as shall be approved by the legislature.
B. 
In addition to an act of the State Legislature, real property acquired with moneys from the fund shall not be sold, leased, exchanged, donated or otherwise disposed of or used for other than the purposes permitted by this chapter without a local law adopted by the Town Board. Said local law shall be adopted by a four-fifths majority and shall be subject to a mandatory referendum.
C. 
This section shall not apply to the sale of development rights by the Town acquired pursuant to this chapter, where said sale is made by a central bank created by the town, pursuant to a transfer of development rights program established by the Town pursuant to § 261-a of the Town Law. However, said development rights program shall provide:
(1) 
That the lands from which said development rights were acquired shall remain preserved in perpetuity via a permanent conservation easement or other instrument that similarly preserves community character as defined in this article.
(2) 
That the proceeds from such sale shall be deposited in the fund.