The Martha’s Vineyard Land Bank reported revenues of $277,872.53 for the business week ending on Friday, June 27, 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 Tisbury, where five transactions resulted in $125,000. In Edgartown, five eligible transactions yielded $68,892.53. One transaction in Chilmark generated $44,000. Three transactions netted $29,920 in Oak Bluffs. One transaction yielded $6,000 in Aquinnah, and one transaction generated $4,060 in West 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.