The Martha’s Vineyard Land Bank reported revenues of $126,253 for the business week ending on Friday, March 29, 2013. 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 eight transactions resulted in $89,233. In Tisbury, two eligible transactions yielded $24,200. One transaction in West Tisbury generated $10,600, while one in Oak Bluffs resulted in $2,220. No eligible transactions were recorded in Chilmark or 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.