The Martha’s Vineyard Land Bank reported revenues of $186,429 for the business week ending on Friday, July 20, 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 Tisbury, where six transactions resulted in $76,195. In Edgartown, four eligible transactions yielded $72,920. One transaction in West Tisbury generated $22,000, while one in Aquinnah resulted in $15,000. One transaction in Oak Bluffs generated $314.49. No eligible transactions were recorded in Chilmark.
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.