The Martha’s Vineyard Land Bank reported revenues of $171,594 for the business week ending on Friday, March 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 Edgartown, where six transactions resulted in $128,900. In Oak Bluffs, two eligible transactions yielded $23,500. One transaction in Tisbury generated $10,084. And one transaction netted $9,110 in West Tisbury. 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.