The Martha’s Vineyard Land Bank reported revenues of $116,215 for the business week ending on Friday, August 4, 2012. 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 Chilmark, where two transactions resulted in $64,000. In Tisbury, three eligible transactions yielded $24,580. Two transactions in Oak Bluffs generated $14,400, while three in Edgartown resulted in $11,235. One transaction in Aquinnah yielded $2,000. No eligible transactions were recorded 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 3,018 acres of Vineyard land.