The Martha’s Vineyard Land Bank reported revenues of $230,397 for the business week ending on Friday, May 23, 2014. 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 six transactions resulted in $101,734. In Tisbury, nine eligible transactions yielded $52,463. Four transactions in Oak Bluffs generated $43,200. And two transactions netted $33,000 in Chilmark. No eligible transactions were recorded in Aquinnah or West Tisbury.
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 3,132 acres of Vineyard land.