According to Heritage New Zealand, it was one of 18 built in New Zealand as part of philanthropist Andrew Carnegie's programme to fund free libraries.
The building housed the town library until 1984 and was renamed the Carnegie Community Centre.
The council had decided nearly three years ago to demolish the building unless it could be saved.
Members of the community petitioned to save it and a Friends of Carnegie committee - longer operating - began looking into what could be done.
However, the cost and the timeframe in which to raise the money to bring the building up to standard proved to be too much of a barrier.
A former committee member was approached by the Hawke's Bay Today for comment but they declined.
