Town Meeting voters on Tuesday voted not to allow the town to sell the Old Southworth Library property, despite the Select Board and Finance Committee being unanimously in favor of putting the site on the market.

The property is currently being rented by the Dartmouth Natural Resources Trust (DNRT). However, with the nonprofit relocating to Chase Road this summer, officials say the 404 Elm Street property may become a costly burden to the town.

Town Administrator David Cressman says the town currently pays $20,000 total in vacant property insurance for its two other vacant sites, which is “significantly more” than insurance for occupied properties. Once vacated, the Elm Street property would add to that cost.

Cressman added that an individual has reached out about purchasing the location to convert it into a private residence. In October of last year, the building was assessed by the Office of Assessors at a value of $224,000, Cressman said.

“I see this as being a cost to the town,” he said. “I think really the better approach right now is to put it on the market.”

But Town Meeting voters worried that the architectural and historical significance of the property could be compromised if it were sold. Several members suggested the building could be converted into a museum and community center, or could be used as the headquarters for a nonprofit, such as the Dartmouth High School Alumni Association.

Cressman noted that, due to the building’s architectural value, provisions could be drafted to prevent any potential buyer from altering the facade of the building.

Ultimately, authorization to sell the property failed by a 86-107 vote.