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

July 13, 2001

RE: Opportunity to sell Pine Barrens Credits

Dear Town of Brookhaven Letter of Interpretation Holder or Pine Barrens Credit Certificate Holder:

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 a Letter of Interpretation (LOI) or Pine Barrens Credit Certificate holder you are eligible to offer your PBCs for sale under this program. LOI holders will be given approximately two months to obtain PBC certificates.

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.

To participate, you must compete and return the Transmittal Form. The Transmittal Form must be received on or before July 30, 2001 at 12:00 noon New York time to participate in the offer. Filling out the Transmittal 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 Transmittal Form must be received on or before July 30, 2001 at 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.)