The Martha’s Vineyard Land Bank reported revenues of $210,423 for the business week ending on Friday, June 22, 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 Chilmark, where three transactions resulted in $182,296. In Oak Bluffs, three eligible transactions yielded $12,700. Four transactions in Edgartown generated $9,920, while three in Tisbury resulted in $5,507. No eligible transactions were recorded in West Tisbury 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.