The Martha’s Vineyard Land Bank Commission is standing firm on a decision not to contribute to a town purchase of the mini-park in downtown Edgartown. And the Edgartown selectmen are not happy about it.

In a letter sent to the selectmen last week, land bank executive director James Lengyel explained the rationale behind the decision. “The land bank commission has now discussed this matter several times in the past few weeks and has determined that it does not support land bank involvement here. The central reason is financial,” Mr. Lengyel wrote in part. The letter goes on to explain that the land bank long ago developed a policy to make priority lists for different types of property. Because the mini-park is in a town business center that is already fully developed, it falls into the lower priority category. “The land bank certainly is glad when towns create parks in the village centers,” Mr. Lengyel wrote. “But the land bank also knows that it would be jeopardizing its treasury if it were to find a way to add these parks to its mission.”

In a letter of reply drafted on Monday, the selectmen asked the land bank to reconsider its position. “We do not feel there is another piece of land like this on the Island, on busy Main street surrounded by buildings, where there just happens to be 7,000 square feet of grass and trees,” the selectmen wrote. The letter concludes in somewhat testy tones. “We were just seeking some help from the land bank,” the selectmen wrote. “Not all the money, not half the money . . . we were just looking for whatever you could contribute. We now know that number is zero.”

Both letters are published on the Commentary Page in today’s edition.

Reached by telephone yesterday Mr. Lengyel said the land bank has addressed the matter fully in its letter and no further response is in order.

At their weekly meeting on Monday the selectmen decided to pull an article from the annual town meeting warrant that had been planned for voters to consider a town purchase of the park.

Owned by the Hall family, the mini-park has been leased by the town for use as a public space since 1979. Discussion about some kind of town purchase of the park has been on and off for years. In 2005 voters rejected an article at the annual town meeting to take the property by eminent domain. Late last year the town conservation commission, which holds the lease for the park, jump-started discussion again about a possible purchase.

In the letter to the land bank this week the selectmen said the town has set aside $1.5 million to buy the park. Mr. Lengyel said the selectmen had asked the land bank to contribute $250,000 to the purchase.

The property is assessed at $1.76 million.

According to the selectmen’s letter the town pays annual rent of $18,000 to the Halls plus an additional amount to cover the taxes on the property.

Yesterday selectman and board chairman Margaret Serpa said the plan will likely now shift toward using Community Preservation Act money to help buy the park. “We have $1.1 million in [Community Preservation Act] money,” Mrs. Serpa said. “At this point we’ll probably wait until next year until we get the rest of the funds that are needed from CPC money that’s available.”

Meanwhile, at least one member of the Hall family said yesterday that he was unaware of any plan by the town to buy the park — friendly or otherwise.

Benjamin Hall Jr. said the town’s current lease expired in November and efforts to negotiate a new five-year lease have been stalled since December.

“There’s a festering undercurrent of a desire that people want to have a name on a plaque. I don’t understand what the drive is,” Mr. Hall said. “It seems like they have no interest in continuing to occupy the land. If they don’t want to sign the lease I can’t force them.”

He estimated it will cost the town $3 million to take the property by eminent domain, and at any rate he said the family has an ongoing plan to develop the rear portion of the lot.

“My family’s constant refrain since the 1980s is we’re looking forward to doing a project on the back part of the property connecting to South Summer street,” Mr. Hall said. “At some point when that happens we’ll be donating the front 40 to 45 per cent of the park as an easement for free. They’re going to get that area that’s used to this day for free. Why there’s this rush to settle that, I don’t know.”

He concluded: “We want to continue a lease arrangement with the town, but we’re not planning on doing anything at the moment. If we are, we’ll let everyone know about it.”