The Martha’s Vineyard Land Bank reported revenues of $362,642 for the business week ending on Friday, Nov. 1, 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 Edgartown, where four transactions resulted in $250,022. In Chilmark, one eligible transaction yielded $55,000. Four transactions in Tisbury generated $26,280, while one in Aquinnah resulted in $13,300. Two transactions in Oak Bluffs yielded $9,590 while three in West Tisbury brought in $8,450.
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.