The Martha’s Vineyard Land Bank reported revenues of $198,015 for the business week ending on Friday, Feb. 28, 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 Chilmark, where two transactions resulted in $113,700. In Oak Bluffs, three eligible transactions yielded $30,050. Three transactions in Tisbury generated $28,705. Three transactions netted $21,560 in Edgartown, and one transaction in West Tisbury resulted in $4,000. No eligible transactions were recorded in Aquinnah.
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.