The Martha’s Vineyard Land Bank reported revenues of $188,856 for the business week ending on Friday, June 15, 2012. The land bank receives its funds from a two per cent fee charged on many Vineyard real estate transactions.
Much of the land bank revenue last week came from the town of West Tisbury, where three transactions resulted in $92,250. In Oak Bluffs, four eligible transactions yielded $46,616. Four transactions in Tisbury generated $42,660, while 11 in Edgartown resulted in $7,330. No eligible transactions were recorded in Chilmark or Aquinnah.
The land bank uses its revenues to purchase and manage land for purposes of conservation, preservation and passive recreation. To date the agency has participated in the purchase of more than 3,018 acres of Vineyard land.