The Martha’s Vineyard Land Bank reported revenues of $501,960 for the business week ending on Friday, Jan. 31, 2014. 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 five transactions resulted in $336,960. In Oak Bluffs, six eligible transactions yielded $51,470. Two transactions in Chilmark generated $47,100. Three transactions netted $43,530 in Tisbury. And two transactions in West Tisbury resulted in $22,900. 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 3,132 acres of Vineyard land.