The Martha’s Vineyard Land Bank reported revenues of $110,114 for the business week ending on Friday, August 24, 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 West Tisbury, where three transactions resulted in $66,200. In Edgartown, six eligible transactions yielded $32,814. One transaction in Tisbury generated $11,100. No eligible transactions were recorded in Aquinnah, Chilmark or Oak Bluffs.
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.