The Martha’s Vineyard Land Bank reported revenues of $313,840 for the business week ending on Friday, June 29, 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 six transactions resulted in $137,200. In Chilmark, two eligible transactions yielded $82,000. Five transactions in Tisbury generated $57,050, while two in West Tisbury resulted in $31,590. One transaction in Oak Bluffs yielded $6,000. 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.