The Martha’s Vineyard Land Bank reported revenues of $148,350 for the business week ending on Friday, July, 25, 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 one transaction resulted in $52,000. In Oak Bluffs, four eligible transactions yielded $48,400. Three transactions in Edgartown generated $23,200. Two transactions in West Tisbury generated $9,900. One transaction yielded $8,850 in Aquinnah, and one transaction generated $6,000 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.