The wording on this confuses me. Does this allow the selectmen to restrict this land before it is purchased?
No. The town can not restrict the use of land, in this sense, until they own it. the current owner(s) could do so, in a way such that the restriction(s) come with the purchase of the land. No doubt, the CPC would rather negotiate restrictions with a land trust after the town takes title to the land via purchase.
What is curious, however, is why the FinCom opposes this article. Do you know?