Edgartown is officially accepting proposals from developers who want to lease and renovate the Yellow House on Main street.

The town took the property by eminent domain in June.

At their meeting Monday, Edgartown selectmen voted to formally declare the house at 66 Main street as available property and to approve a 47-page request for proposals (RFP).

The RFP was created by a committee formed last year after town voters approved taking the house by eminent domain. The town spent $3 million to acquire the run-down property, which had long been owned by the Hall family.

“We feel we’ve drafted an RFP which is in the town’s best interest, provides for a lot of flexibility and creativity,” committee member Chris Scott told the selectmen.

According to the RFP, the town is seeking a bidder to preserve, restore and manage the house. The three-story Georgian Colonial building dates to around 1800 and was also known as the Capt. Charles Pease House. It is one of the oldest buildings on Main street. Development might include housing units and ground-level commercial space.

“The key development objective is transformation in its most positive sense,” the RFP says. Allowed businesses range from offices or retail space to a theatre, hall, club or restaurant with less than 50 seats.

Any alterations or additions to the property will need approval from the Edgartown historic district commission.

The most advantageous bidders, according to the RFP, will propose a year-round, distinctive business that provides needed public amenities or services. Successful applicants must commit to completing interior and exterior work by May 15, 2019, among other things. Lease terms will be a minimum of 15 years and maximum of 30 years.

Eugene Courtney, a prominent businessman who owns numerous commercial properties downtown, said Monday that a 30-year lease was too short considering the amount of money a potential leaseholder would have to put into the project. “It’s just too short for any of the applicants, not only myself,” Mr. Courtney said. “No matter how you look at the numbers, they don’t work at 30 years.” He suggested a 30-year lease with an option to renew for another 30 years.

Town counsel Karen Burke said that under state law towns cannot lease a public building for more than 30 years except under some circumstances, like a town meeting vote or an act of the state legislature.

Town administrator Pamela Dolby said she understood Mr. Courtney’s concerns but advised waiting to see what the response was, noting that a lot could change in 30 years. “At some point down the road it could go to town meeting, or we could always go to the legislature to extend it,” Mrs. Dolby said.

“Your point’s well taken,” selectman Arthur Smadbeck said. “We’re stuck with what the law says.”

A public presentation and tour of the property for interested parties will be held on Nov. 21. Proposals are due in early January.

The RFP will be available Wednesday morning in the central register.

In other business Monday, selectmen approved the removal of a Norway maple tree between town hall and the Yellow House, and a London plane tree on Main street property owned by the Wharf Pub.