Sagaponack - Jim Pike drove up to his farm stand on Sagg Main this week, hopped out of his red pick-up truck and gazed at the rented farmland directly behind the stand he has operated for the last 20 years. It is spring and hope, like his annual crop of vegetables, springs eternal.

Pike's Farm Stand is a mainstay of life in Sagaponack Village where year-round residents and summer neighbors convene to replenish their daily supply of fresh produce.

Pike is making plans to open this season though the future of the farm stand is mired in uncertainty. Efforts to preserve the rented farmland, spearheaded by the Peconic Land Trust, are edging forward though it is yet to be seen if enough support can be raised.

"We are not out of the woods yet, but we are in the woods," John Halsey, president of the Peconic Land Trust (PLT), commented as he discussed the purchase of the property from its current owners. The 7.8 acre parcel has been in contract for $8.23 million since last spring when the Land Trust and property owner James Hopping were able to strike a deal that has not closed due to lack of funding. The closing was originally scheduled for October of 2008.

The contract, subject to the PLT's ability to put together a deal involving Southampton Town and Suffolk County, was extended as Halsey continued a fundraising campaign that would enable the Land Trust to contribute $1.8 million towards the purchase. The Land Trust has secured $800,000 in pledges to date and needs to raise another $1 million. This month, the County has agreed to purchase the development rights on the property as a contract vendee if the Town was willing to contribute 30 percent, or $2 million, towards the county's $4.49 million contribution for a total of $6.49 million. The County's offer is subject to the approval of the Suffolk Legislature.

"These are very challenging times," Halsey said reflecting on the contingencies involved in saving Pike's Farm Stand.

The Town's participation is dependent upon the revenue collected by the Community Preservation Fund (CPF). The town derives revenue for this fund by collecting a two percent transfer tax (Peconic Tax) at the closing table each time a property changes hands in the township.

Revenues generated by the Peconic Tax, which is levied in all of the five East End towns, have been on the sharp decline as a slowdown in the real estate market saw the CPF fund in Southampton to a record low of $900,000 in February. Town officials had optimistically projected revenues to total at least $1.75 million per month for 2009, with an annual total estimated at between $20 million to $24 million. The monthly totals for the first three months of 2009 have been disappointingly low, leading town officials to revise projected estimates downward. All purchases made with CPF funds are subject to the approval of the Town Board.

John Halsey, president of the Peconic Land Trust, is working overtime to save Pike's Farm Stand. Halsey has negotiated the purchase pending a package involving the cooperation of the town and the county.

"These are very challenging times," Halsey said reflecting on the contingencies involved in saving Pike's Farm Stand. Pointing to the stalled real estate market, he noted the purchase price of $8.23 million is still a reasonable number in today's market borne out by a recent reappraisal. "When the deal was first struck the appraisal was higher than the purchase price," Halsey explained. Meanwhile, the lack of private buyers in the market of late bolster's greater credence to the PLT's offer to purchase the property.

A real estate sign advertising the property for sale swings gently in the breeze not more than a stone's throw from a sign planted by the Peconic Land Trust seeking donations. The PLT sign appeals to the community while the broker's sign continues to attract a private buyer. In real estate they call that hedging your bet. "I am guardedly optimistic," Halsey said. "We need people to lobby the county legislature to approve this."

According to the PLT, more than 3,000 East End residents and visitors signed up to "Save the Farm Stand" in 2007 when the Hoppings first put the land on the market. The Pikes plan to cultivate 60 acres, growing a variety of vegetables this season, mostly on rented land around Sagaponack.

Pike's Farm Stand is a mainstay of life in Sagaponack Village where year-round residents and summer neighbors convene to replenish their daily supply of fresh produce. Pike hopes to set up shop in June in time for the strawberry season and continue until the first frost shortly after Thanksgiving. "I am hoping for the best," he said. "We've been building up this business for 20 years. This is a great spot for a farm stand."

Hope springs eternal as Pike begins to turn over the soil behind the farm stand on Sagg Main Street.