The Martha’s Vineyard Land Bank reported revenues of $26,310. for the business week ending on Friday, August 17, 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 four transactions resulted in $17,130. In Oak Bluffs, one eligible transaction yielded $6,000. One transaction in Tisbury generated $3,180. No eligible transactions were recorded in Chilmark, 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.