The Martha’s Vineyard Land Bank reported revenues of $107,571.50 for the business week ending on Friday, August 1, 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 11 transactions resulted in $60,311.50. Four transactions in Vineyard Haven generated $23,360. One transaction yielded $12,400 in West Tisbury, and one transaction generated $11,500 in Oak Bluffs. No eligible transactions were recorded in Aquinnah or 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.