The Martha’s Vineyard Land Bank reported revenues of $161,663.50 for the business week ending on Friday, April 11, 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 Chilmark, where three transactions resulted in $99,563.50. In West Tisbury, two eligible transactions yielded $25,680. Two transactions in Oak Bluffs generated $14,700. One transaction netted $14,000 in Aquinnah, and one transaction generated $7,720 in Edgartown. No eligible transactions were recorded in 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 3,132 acres of Vineyard land.