The Martha’s Vineyard Land Bank reported revenues of $717,932 for the business week ending on Friday, July 6, 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 West Tisbury, where six transaction resulted in $640,600. In Edgartown, four eligible transactions yielded $33,430. Two transactions in Oak Bluffs generated $22,500, while two in Chilmark resulted in $12,150. Two transactions in Tisbury resulted in $9,252. 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.