The Martha’s Vineyard Land Bank reported revenues of $418,700 for the business week ending on Friday, Jan. 4, 2012. 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 seven transactions resulted in $318,600. In West Tisbury, one eligible transactions yielded $40,000. Three transactions in Oak Bluffs generated $30,500, while one in Chilmark resulted in $22,700. Two transactions in Tisbury generated $6,900. No eligible transactions were recorded in Aquinnah.
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 3,018 acres of Vineyard land.