Tisbury selectmen threw their enthusiastic support behind an ambitious redevelopment project for the stone bank, and heard a dire financial report from the Martha’s Vineyard Museum Tuesday.

The stone bank revedelopment proposal by architect Reid (Sam) Dunn aims to rebuild the former bank into a mixed-used commercial and residential development complex on property adjacent to the ferry terminal.

The project is under review by Martha’s Vineyard Commission. At the select board meeting Tuesday held by zoom, Mr. Dunn presented drawings and outlined the project.

“I think it’s kind of been, you know, crying out for a concept,” he said of the property, which was vacated by Santander Bank nearly four years ago.

Selectman Jeff Kristal was effusive in his support for the project. “I think when you go through the planning board, the MVC and the historic district, I think you come out a better project and I think you have,” Mr. Kristal said. “I think this is a big thing for the town of Tisbury . . . you’re really going to make it a gem when you step off that boat . . . and I applaud you for doing this.”

Board members voted unanimously to sign a letter of endorsement for the project, which has not yet begun the hearing process before the commission.

In other business Tuesday, Martha’s Vineyard Museum acting director Heather Seger and board member David Grain came before the board to report that 2020 was a dismal year for the museum. Ms Seger said the museum lost $1 million in earned revenue over the prior year due to the pandemic — just as it was settling into its new home at the former Marine Hospital in Vineyard Haven. The museum opened at the new location in 2019.

Visitor numbers have also decreased, Ms. Seger said, with 25,438 guests in 2019, but only 14,000 projected for 2021.

Ms. Seger and Mr. Grain spoke in broad terms about partnership with the town and floated the idea of some kind of memorandum of understanding, although no specifics were discussed. Conditions imposed by the MVC and the town restrict the use of the building for outside events such as weddings, among other things.

“Covid has been devastating for us,” Ms. Seger said. “In order to achieve sustainability and to grow our programs and other offerings, we really need to be able to generate more revenue . . . The purpose of joining you guys tonight is really to give our partnership with the town of Tisbury a fresh start.”

Selectmen expressed general support.

“You guys have been an integral part of our community the last couple of years, you’ve stepped up to the plate on numerous occasions . . . and I’m looking forward to where we go from here,” Mr. Kristal said.

At the lengthy meeting, selectmen also shot down a request by harbor master John Crocker for additional funding to cover the cost of a new multi-purpose patrol boat for the harbor, after the town’s previous patrol boat sank in an accident.

Mr. Crocker said at the town meeting last year, voters authorized $255,000 for the purchase of a new boat, but because of a time-sensitive grant, $20,000 of the funds have already been used to purchase firefighting equipment for the harbor.

After a bidding process, the town received one bid for the project at $259,000, leaving funding short by $24,000, Mr. Crocker said.

“I think we need more money in order to finance this vessel,” the harbor master said, proposing a $500,000 warrant article for the upcoming town meeting so he can buy the 200-horsepower engine boat.

But selectmen bristled, suggesting that additional funding would be excessive and urging Mr. Crocker to go out to bid again.

“In my opinion, $255,000 is a lot of money for a boat. You’ve got to be able to buy a boat that will meet your needs for that amount of money,” said selectman James Rogers.