The Martha’s Vineyard Land Bank reported revenues of $144,873 for the business week ending on Friday, August 10, 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 Chilmark, where two transactions resulted in $86,350. In West Tisbury, two eligible transactions yielded $39,510. One transaction in Edgartown generated $10,461, while two in Oak Bluffs resulted in $5,798. Two transactions in Tisbury generated 2,754. 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.