The Martha’s Vineyard Land Bank reported revenues of $274,185.66 for the business week ending on Friday, March 14, 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 three transactions resulted in $221,500. In West Tisbury, three eligible transactions yielded $37,770. One transaction in Chilmark generated $8,000. Two transactions netted $6,904 in Tisbury, and one transaction in Oak Bluffs resulted in $11.66. No eligible transactions were recorded in 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 3,132 acres of Vineyard land.