The Martha’s Vineyard Land Bank reported revenues of $70,000 for the business week ending on Friday, August 8, 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 three transactions resulted in $47,800. One transaction in Tisbury generated $22,000. And one transaction generated $200 in Edgartown.
No eligible transactions were recorded in Aquinnah, Chilmark and West Tisbury.
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.