The Martha’s Vineyard Land Bank reported revenues of $307,000 for the business week ending on Friday, Feb. 5, 2021.
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 one transaction resulted in $180,000. Four transactions earned $68,600 in Oak Bluffs. One transaction generated $28,400 in Edgartown. Two transactions earned $20,100 in Tisbury. And one transaction earned $9,900 in Chilmark. 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 3,243 acres of Vineyard land.