Hopping/Pike's Farm Stand Pledge Agreement
To: John v.H. Halsey, President, and the Board of Directors, Peconic Land Trust:
I (we) pledge the sum below. The purpose of this pledge is to enable the Peconic Land Trust (the Trust) to purchase the 7.6-acre farm field property known as Pike’s Farm Stand, on the west side of Sagg Main Street in Sagaponack, identified as SCTM# 908-1-4-11 to protect the agricultural property from residential development in perpetuity and preserve the much-loved Pike’s Farm Stand at its current location. The Trust is in contract to purchase the property from the Hopping family with a closing date of October 17, 2008. The Town of Southampton has indicated support for this effort, however, it will not be able to partner with the Trust in time for the closing. Should the County also agree to participate, they too would not be able to partner in time for the October closing so the Trust must borrow $4.115 million until such time as the Trust can sell the development rights to the Town. In the meantime, the Trust needs to raise a total of $4.3 million dollars which includes administrative fees to cover the Trust’s costs associated with the transaction. I (we) understand that others are pledging the additional funds required, and that all parties including the Trust are relying upon my (our) pledge to complete this transaction.
Once the Trust reaches its goal in pledges, the Trust will notify me (us) by mail or email and I (we) will send payment in satisfaction of my (our) pledge within 10 business days following such notification. Upon the Trust’s receipt of my (our) payment, I (we) understand that the Trust will deposit my (our) check. If the acquisition of development rights is not completed for any reason, the Trust will return my (our) funds.
PLEASE DO NOT SEND MONEY NOW.
Thank you very much for your generous pledge to support the efforts of the Peconic Land Trust in protecting land essential to Sagaponack’s scenic, agricultural and rural character. We have an impressive record of success, and this is possible because of support from donors like you. As always, we accomplish a great deal of our work by leveraging your dollars with funds from partner entities. In order to plan this preservation effort and encourage others to participate, it is essential to document your anticipated contribution by receiving your completed pledge agreement. The Peconic Land Trust accepts gifts of cash, securities, life insurance and bequests, real estate and appreciable personal property. Contributions may be tax deductible. Thank you, in advance, from all of us at the Peconic Land Trust.
If you have any questions, please contact Rebecca Chapman at 631 283-3195 x40 or e-mail email@example.com