The Martha’s Vineyard Land Bank reported revenues of $50,706 for the business week ending on Friday, May 10, 2013. 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 Oak Bluffs, where two transaction resulted in $21,600. In Edgartown, six eligible transactions yielded $11,851. Six transactions in Tisbury generated $11,455, while one in Chilmark resulted in $5,800. 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 3,018 acres of Vineyard land.