Land Bank Revenues: June 28

The Martha’s Vineyard Land Bank reported revenues of $226,754 for the business week ending on Friday, June 28, 2013. The land bank receives its funds from a two per cent fee charged on many Vineyard real estate transactions.

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Land Bank Purchase Expands Greenbelt

A 105-acre greenbelt area around the town of Tisbury will see a small expansion thanks to a purchase by the Martha’s Vineyard Land Bank. The land bank announced this week that it has bought a three-acre lot in Tisbury abutting its Wapatequa Woods Reservation.

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Land Bank Purchases Large Tract of Flat Point Farm
Remy Tumin

The pastoral sheep pastures and hayfields at Flat Point Farm will be placed into conservation after the Martha’s Vineyard Land Bank announced plans to purchase a large piece of the West Tisbury farm.

The land bank is set to purchase 12.9 acres of land and an agricultural preservation restriction on an additional 25 acres of abutting pastures for $3.45 million from the Fischer family, who has owned the property since 1939, land bank director James Lengyel said this week.

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Flat Market, Low Land Bank Revenues Lead to Fewer Purchases
Sara Brown

And although money is coming in, executive director James Lengyel said the lank bank is not in the position to be acquiring new properties, with a still slumping real estate market. Last week, the land bank reported revenue of $0. Mr. Lengyel said a week without revenue is infrequent for the land bank, though it has happened before. The last time, he said, was within the last year.

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Land Bank Path Maintenance Status Quo, Not New Strategy
Katie Ruppel

A trail-widening project by the Martha’s Vineyard Land Bank on its properties has sparked strong reaction from a small group of bikers and horseback riders, who took their concerns to the land bank this week.

Laura Bryan, an off-road biker who lives on Chappaquiddick, said she and her friend Michael Berwind were biking through Pennywise Preserve last week when they came upon a land bank crew working with a brush cutter and a freshly-cleared trail.

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Quiet Mission, Public Lands

The low-key green and white signposts that mark properties owned by the Martha’s Vineyard Land Bank so often belie the grandeur of what lies at the end of a short trail. Think Aquinnah Headlands, Poucha Pond, Waskosim’s Rock, to name just a few.

So the property purchase announced by the land bank last week sounded, well, underwhelming: just under twelve acres of nondescript wooded land off the Edgartown-West Tisbury Road.

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Land Bank Buys Edgartown Woodlands

The Martha’s Vineyard Land Bank announced this week that it has purchased nearly 12 acres in the rural wooded perimeters of Edgartown, completing a long-planned project to protect the westerly entrance to town as largely undeveloped land — both the fields and woodland.

The land bank paid $900,000 for 11.8 acres. The seller was Philip J. Norton Jr. The purchase will boost the total size of the land bank’s Ben Toms Preserve to nearly 30 acres, with some 2,000 feet of frontage on the West Tisbury Road.

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Town, Land Bank Purchase Will Protect Manter Well

A joint purchase last month by the town of Tisbury and the Martha’s Vineyard Land Bank completes a decades-old aquifer protection plan around the Manter well.

The town and the land bank paid $400,000 for 9.5 acres off Old Holmes Hole Road, with the town putting in $300,000 and the land bank $100,000. The transaction took place on August 24.

One of the listed sellers was Ron Monterosso, acting as a trustee for Redmont Realty Trust, which owned a fractional interest in the property. The sale was handled through a trustee appointed by the Dukes County Probate Court.

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Land Bank Turns to Public for Views
Chris Burrell

The Martha's Vineyard Land Bank wants your ideas on how to
spend some $10 million of accumulated revenue. Plus, commissioners at
the land bank are game for fielding questions on policies that govern
the almost 2,000 acres of public lands it owns.

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Adding Seven Thousand Homes: State Predicts Buildout Rate Here
Mandy Locke

The Vineyard could see as many as 7,032 more homes on its 17,475
remaining acres of developable land, officials from the state Executive
Office of Environmental Affairs (EOEA) said at an Island forum held
Thursday night.

"That's a relatively short time frame to be faced with
some tough choices," said Christian Jacqz, director of
Massachusetts Geographic Information System, in a presentation to Island
officials at the Howes House in West Tisbury.

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