The Martha’s Vineyard Land Bank reported revenues of $158,390 for the business week ending on Friday, May 16, 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 $39,040. In Chilmark, one eligible transaction yielded $34,500. Three transactions in West Tisbury generated $34,400. Two transactions netted $33,750 in Tisbury; one transaction yielded $15,250 in Oak Bluffs; and one transaction generated $1,450 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.