The Martha’s Vineyard Land Bank reported revenues of $1,009,098.24 for the business week ending on Friday, Dec. 21, 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 Edgartown, where nine transactions resulted in $521,180. In Chilmark, nine eligible transactions yielded $331,336. Four transactions in Oak Bluffs generated $73,600, while two in West Tisbury resulted in $63,600. Tisbury recorded four transactions, netting 17,982.24. And Aquinnah had one transaction recording $1,400 in revenue.
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.