A proposal from an Island contractor to convert the Yellow House property into rental apartments and retail space was easily approved Monday by a town committee that has been evaluating proposals for the property. But later the same day, the Edgartown selectmen postponed a final decision until Thursday while they evaluate concerns raised by the former owner of the property.

Mark Nicotera of Trademark Services was the last remaining bidder after one other bidder dropped out last week. Mr. Nicotera has proposed paying $49,000 over the next 30 years to lease and redevelop the rundown property. He is working with financial backer Stephen Berger and architect Dudley Cannada on the plan to create three apartments and two retail spaces.

The subcommittee vote was 5-0 in favor, with one abstention and one member of the committee absent.

In a last-minute email, Benjamin Hall Jr. raised concerns about whether previous policies the town had applied to the house under his family’s ownership would continue, specifically a requirement not to injure or remove a public shade tree through an expansion. Mr. Hall also said creating a full basement and destroying historic structure support would violate the building’s historic character.

Committee chairman Chris Scott read the email aloud at the meeting. After a short discussion, the committee voted to approve the proposal.

The selectmen have the final say on the proposal. At their meeting Monday afternoon, town administrator Pamela Dolby advised the board to take the matter under advisement while town counsel Karen Burke reviews the concerns raised by Mr. Hall.

The selectmen will reconvene at 1 p.m. on Thursday for further discussion and a possible vote.

The town took the Yellow House by eminent domain last year; the Hall family was paid $3 million for the property.

At the earlier meeting Monday, subcommittee members said they did not want to delay their vote.

“I don’t feel we should condition our recommendation on an 11th hour message from a party who did not participate in the request for proposal process, and the same party that the town found necessary to take the property from because of years of inaction,” Mr. Scott said. “With all due respect, we’re here because of the delays and it’s unfortunate that this may cause another one.”

Committee member Jim Shane agreed with Mr. Scott. “We just have before us what we have before us,” he said. “We either think it’s appropriate to pass on or not . . . if something extraneous comes into the picture later that something has to be dealt with by selectmen.”

The 30-year financial terms proposed by Mr. Nicotera are as follows: no money annually from years one through 20; $4,000 in year 21, and $5,000 annually from years 22 to 30. At the end of the 30-year term, the property reverts to town ownership.

The proposal was ranked by all seven members individually, based on other criteria put forward in the request for proposals. The Trademark Services proposal received 32 highly advantageous rankings, 15 advantageous, and three not advantageous.

Committee members did not comment on the financial terms, which they said was under the purview of selectmen.

Sam Sherman, the planning board’s representative on the committee, said he was hesitant to vote and suggested waiting a week for clarification.

In the end Mr. Sherman abstained from the 5-0 vote. Committee member Jim Carter did not attend the meeting but had submitted his evaluation.