The Martha’s Vineyard Land Bank reported revenues of $146,500 for the business week ending on Friday, April 18, 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 $43,200. In Oak Bluffs, three eligible transactions yielded $35,600. Two transactions in West Tisbury generated $35,000, and two transactions netted $32,700 in Tisbury. No eligible transactions were recorded in Chilmark or 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.