The Martha’s Vineyard Land Bank reported revenues of $258,078 for the business week ending on Friday, August 30, 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 Edgartown, where 13 transactions resulted in $139,873. In Tisbury, four eligible transactions yielded $86,980. Twelve transactions in West Tisbury generated $26,865, while one in Oak Bluffs resulted in $2,860. One transaction in Aquinnah yielded $1,500. No eligible transactions were recorded 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 3,018 acres of Vineyard land.