The Chapel Hill Town Council meets Wednesday to likely choose one of four bids to buy the old Chapel Hill Public Library at 523 East Franklin Street.

Various community organizations used the building between 1994 and 2010, and then the town took responsibility for it. Two years later, it was decided that the upkeep cost too much for the Town of Chapel Hill.

In 2013, an agreement was struck with Preservation North Carolina, which has held the easement on the property since 2007, to find a buyer. The minimum asking price is $752,000.

The University of North Carolina at Chapel Hill Arts and Sciences Foundation, Inc. has offered the highest bid, at $1.03 million. Arts and Sciences would use the building as the foundation’s headquarters.

The lowest bid comes from Jay Miller, at the asking price. Miller, the Board of Directors Chair at the ArtsCenter, wants to use the building as a nonprofit hub.

The other bidders are Chabad, which is planning a community center with a focus on students; and the building’s neighbors Chris and Ann Cox, who envision a cultural center with rental space for arts organizations and private functions.

Preservation North Carolina originally agreed on a fee of $5,000 for its work on the sale, but recently requested an increase to 2.5 percent of the sale’s proceeds.

PNC cited the sale process being “much more intensive and more complex than originally anticipated” as the reason for the request.

The Chapel Hill Town Council meeting takes place Wednesday at 5:30 p.m., in Meeting Room C of the Chapel Hill Public Library on Library Drive.