The Martha’s Vineyard Land Bank reported revenues of $40,500 for the business week ending on Friday, March 21, 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 Oak Bluffs, where one transaction resulted in $13,000. In Edgartown, one eligible transaction yielded $9,500. One transaction in West Tisbury generated $7,000. One transaction netted $6,000 in Tisbury, and one transaction in Aquinnah resulted in $5,000. No eligible transactions were recorded in Chilmark.
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.