The Town of Coupeville signed a lease agreement last week to rent the vacant lot at the corner of Coveland and Alexander streets for three months out of the year.

Mayor Molly Hughes said the town was initially approached by the owners, Platt & Buescher Investments LLC, about leasing the land year-round.

The lot was often used in the past for some of the town’s events and festivals. It was previously used to house the artists in action at the Coupeville Arts and Crafts Festival and is also the location of the Penn Cove Shellfish Beer Garden during Musselfest.

When presented with the offer, Hughes said that she and the council felt it didn’t make sense to lease the property year-round.

“The town’s not in the event-planning business,” she said.

Instead, Hughes presented a counter offer — let the town lease the lot just for the months of March, May and August when the big festivals would use it.

The cost of the lease terms is $1,000 each month.

During those three months the town will be responsible for mowing the lot and arranging insurance for the events. The lease agreement is for one year initially to see how it goes.

“I think it’s a nice compromise,” Hughes said. “It’s a nice thing we can do for those festivals. Those festivals are good for the town. They’re good for our economy all the way around.”