The Searcy City Council has officially approved a 10-year lease allowing Forward Searcy to transform the former Searcy Public Library into a collaborative economic development center after the organization secured $500,000 in private funding for renovations.
The agreement, approved during Thursday night’s City Council meeting, calls for Forward Searcy to lease the city-owned building for $1 per year over the next decade, with options to renew the lease. City leaders said the project represents a significant private investment into a public building that will remain under city ownership.
A Vision Years in the Making
The project fulfills a recommendation included in Searcy’s Economic Development Master Plan to create a centralized location where organizations focused on growing the community can work together.
Forward Searcy representatives told council members the renovated building will become a collaborative workspace designed to strengthen partnerships among agencies dedicated to economic growth, downtown revitalization, business recruitment and community development.
The project follows the council’s earlier approval allowing temporary use of the former PIA building while plans for the library renovation moved forward.
$500,000 Already Secured
One of the biggest announcements surrounding the project is that Forward Searcy has already secured $500,000 in private funding to renovate the historic building.
Mayor Mat Faulkner previously noted the investment allows the city to preserve one of its historic downtown buildings while modernizing it at no cost to taxpayers.
Renovations will convert the former library into updated office suites, meeting rooms and collaborative workspaces designed for organizations working to improve Searcy’s future.
Terms of the Lease
Under the agreement approved by the council:
Forward Searcy will lease the building for 10 years.
The annual lease payment is $1 per year.
The organization has options to renew the lease.
Forward Searcy will pay utilities and day-to-day operating expenses.
The organization has committed to investing at least $500,000 into renovations.
The building will remain owned by the City of Searcy.
Organizations Expected to Share the Facility
City leaders said the renovated building is expected to house several organizations already working together to strengthen Searcy’s economy and quality of life.
Those organizations include:
Forward Searcy
Main Street Searcy
Searcy Regional Economic Development Corporation
The Searcy Regional Chamber of Commerce
Other community development partners
Officials believe placing the organizations under one roof will encourage collaboration while creating a more efficient approach to serving existing businesses, attracting new investment and supporting downtown redevelopment.
Building Maintenance and Responsibilities
As part of the lease agreement, Forward Searcy will be responsible for utilities and routine operating expenses, while the City of Searcy will continue maintaining ownership of the building and remain responsible for major structural components.
Tenant organizations will carry insurance covering office equipment, furnishings and liability.
Looking Ahead
Architectural plans continue to be finalized, with Forward Searcy expected to return before the council in the future to present renovation designs before construction begins.
City officials say the project represents a long-term investment in Searcy’s future by creating a central location where organizations dedicated to economic development can better collaborate while preserving one of downtown’s historic public buildings.
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