A statement from the college's president, Peter W. Teague, proposes calling the facility The Trust Building for the Performing Arts.
"Presence in The Trust is the next logical step forward in LBC's growing civic role in the visual and performing arts world," the statement said.
A business plan still is being formulated but likely would include civic and educational partners; an executive director with daily oversight of the use of the building; an independent advisory board including civic and LBC leaders and prominent local performing artists; and a strategy to pursue advanced and international studies in the performing arts.
"Lancaster Bible College was founded in downtown Lancaster in 1933, so a presence in The Trust represents a return to its roots," the statement said. "In so doing, LBC takes advantage of an opportunity to join the Lancaster arts renaissance of the past decade, contributing to the arts and educational vibrancy that now defines Lancaster."
Now based in Manheim Township, LBC is a private Bible college and graduate school.
Located at 37 N. Market St., the building was added to the National Register of Historic Places in 1983. The quilt museum ceased regular operations last December, and LBC said the facility "has been used in recent years not only as a museum but also a favorite location for weddings, receptions, theatre and music performances and conferences."
The Lancaster City zoning hearing board is scheduled to hear LBC's appeal for permission to use the building at 4 p.m. Monday.