The Martha’s Vineyard Land Bank reported revenues of $145,943.62 for the business week ending on Friday, May 30, 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 Tisbury, where nine transactions resulted in $73,199. In Edgartown, six eligible transactions yielded $67,244.62. And one transaction in West Tisbury generated $5,500. No eligible transactions were recorded in Aquinnah, Chilmark or Oak Bluffs.
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.