All or at least some of De Aston Field will be bought by the town council according to a majority vote by town councillors last week.
An extraordinary meeting of the council was held to resolve the future of the Willingham Road site, which has caused much debate recently.
And although the town council’s offer of £40,000 for the land was rejected last month by owners Lincolnshire County Council, members resolved to offer a similar amount again - £46,000 - as a starting bid to purchase as much of the land as possible.
“We should push for a discount on the land for the flooding issues,” said Coun Bridger.
The money to buy the land is held by West Lindsey District in the Section 106 pot, money given by developers in the town to provide recreation facilities, and will be making the purchase on the town council’s behalf.
Some of this money - around £42,000 - will be withdrawn if it is not spent by July this year.
“If we have to spend all the money on buying the land, we will need to look for further funds to develop the site,” said Council Chairman Steve Bunney.
“If we buy all the land and do nothing with it for a while, we will be no worse off.”
Town councillors also agreed to release some money from their own reserves to secure the purchase of an acre or so of the site for a future cemetery extension.
A spokesman for the county council said that the authority had a legal duty to get the best value from the land for the taxpayer but wanted to continue to work with Market Rasen Town Council to find a suitable deal for all.
Kevin Kendall, Chief Property Officer at Lincolnshire County Council added: “We received an independent valuation of the land and have put forward a proposal to the local authority for them to purchase as much of the land as they can afford, using the section 106 money that is available to them.”
And once the land is purchased there are a number of possible uses.
But town resident Mary Cook was clear what she thinks it should be used for.
“We need an adult friendly open space,” she told the meeting during public participation.
“An oasis for shoppers and for workers to go to in their lunch break.
“There is nothing like that in town at the moment.”