The Martha’s Vineyard Land Bank reported revenues of $71,772.29 from 14 transactions for the business week ending on Friday, April 25, 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 Oak Bluffs, where four transactions resulted in $54,271. In Aquinnah, one eligible transaction yielded $4,011.29. Four transactions in Edgartown generated $9,460. One transaction in Tisbury netted $4,030. No eligible transactions were recorded in Chilmark and West Tisbury.
The land bank’s year-to-date revenues stand at $8.7 million, up from $7.4 million the prior year.
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.