The Martha’s Vineyard Land Bank reported revenues of $79,245 for the business week ending on Friday, July 19, 2013. 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 Aquinnah, where one transaction resulted in $31,000. In Vineyard Haven, four eligible transactions yielded $23,005. Two transactions in Edgartown generated $19,780, while three in Oak Bluffs resulted in $5,460. No eligible transactions were recorded in Chilmark or 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.