Edgartown selectmen this week completed one of the final steps in the protracted Yellow House saga, signing preservation and historic conservation restrictions for the vacant property at 66 Main street.

In October the town entered into a 30-year lease agreement for the house and an adjoining smaller structure on South Summer street with Summer and Main LLC. Christopher Celeste, who owns and operates Rosewater Market nearby on South Summer street, is the principal.

The town voted to take the dilapidated property by eminent domain for $3 million in 2017.

A request for proposals to lease and renovate the old building followed. But concerns over a shade tree on the north side of the property stalled an early proposal, forcing the town to reissue the RFP to include conditions protecting the Linden tree.

Summer and Main LLC submitted the lone bid for the property in response to an RFP that went out in July.

The new plan by the Celeste family details a $2.5 million plan to renovate the house and the small building and landscape the area to create a public plaza. The bottom floor of the house is planned as two retail shops while the top two floors will be converted to three residential apartments. The small freestanding building near the town parking lot is planned for first floor retail space and a lofted office on the second floor.

According to the lease signed in October, the plans remain part of the rental conditions. Summer and Main LLC will pay the town no rent for the first 20 years of the lease, and will then pay a total of $92,000 in rent over the final 10 years. The town reserves the right to terminate the lease if the Celestes do not complete the summary of work proposed in the RFP.

That includes restoring the Yellow House facade facing Main street, replacing bay windows with historically appropriate showcase windows, adding a 545-square-foot wrap around, single-level addition to the portion of the building facing Main street and the town hall, lifting the structure and digging a basement. The smaller building on South Summer street will be rebuilt with a lofted second floor and expanded in size by five feet south and 10 feet west.

The lease also stipulates that additions or improvements to Main street portion of the Yellow House cannot harm the Linden tree, and that Summer and Main must hire a professional arborist if additions or a basement are planned for the ell portion of the house located on its northwest side.

In October selectmen approved a request from general contractor Gerret Conover to take down two other trees on the property: a cherry tree and a small plum tree. Edgartown administrative assistant Kristy Rose said the trees will be replaced after renovations.

The parcel is subject to the conservation restriction and historic preservation restrictions signed at the selectmen’s meeting on Monday.

“This is a good day,” selectman Margaret Serpa said.

In other business, Adam Moore, executive director of the Sheriff’s Meadow Foundation, informed selectmen that the trust has sold a conservation-restricted half-acre parcel of land on 18 Navy Way in Katama to abutters.

“We’re asking you to approve a conservation restriction on a property Sheriff’s Meadow is selling to the Drop family,” Mr. Moore said at the meeting. “The reason we are doing it is that we did surveys and found that there was a propane tank there. We decided with the Drops that rather than having them remove the tank, we’ll sell them the property and it will remain under conservation restriction.”

Eleanor Akers donated the parcel of land to Sheriff’s Meadow in the early 1980s. Mr. Moore expressed gratitude for Ms. Akers original donation, but said selling the land was best for both Sheriff’s Meadow and the Drops, who own the abutting parcel at 16 Navy Way.

“It’s unusual for Sheriff’s Meadow to sell a piece of land,” Mr. Moore said. “But in this case we found this significant encroachment because of the propane tank . . . and ultimately felt we could come up with a win for everybody if we sold it.”

Sheriff’s Meadow is under contract to sell the land to the Drops for $465,000, he said.

The conservation restrictions prevent the Drops from building on any part of the half-acre parcel at 18 Navy Way, but they do allow for the Drops to use the acreage to expand their septic system and to construct an irrigation well.

“I think we will have Ron take a quick look at it,” selectman Michael Donaroma said, referring to town counsel Ronald H. Rappaport.

Selectman Arthur Smadbeck said putting the property on the tax rolls is a positive.

“It’s good to hear that it’s going to go back on the rolls, and it’s good to know what you guys are doing,” Mr. Smadbeck said.

The selectmen also heard a presentation from Ron Kelly, an employee of Advanced Solar Products who wants to put solar panels at the town’s capped and closed landfill off Cleavelandtown Road. He said the panels could add an additional 16,000 kilowatt hours to the town’s power grid. Under the current tariff program, the grid pays a premium of four cents per kilowatt hour for solar energy.

“I think that this is an excellent opportunity,” Mr. Kelly said. “You actually have something here that is valuable.”

Selectmen thanked Mr. Kelly for his time and said they would consider issuing an RFP.