Stroud Town Council has confirmed its commitment to find a viable solution to the Subscription Rooms.
The offer would be subject to lease terms and approval of the Stroud Trust bid.
Councillors agreed that it would also offer to manage the Sub Rooms’ forecourt to ensure it remains a vital community public space.
Earlier this month Stroud District Council agreed that it would seek bids for a 30-year lease for the venue rather than sell the property.
Since then the Town Council and Stroud Trust have been meeting community groups and interested parties in an attempt to find a viable community solution.
“In all public consultations so far, the community has overwhelmingly backed the Sub Rooms remaining in public ownership, and we the Town Council are committed to achieving that,” said Town Mayor Kevin Cranston.
“We now want to work with Stroud Trust and other community groups to facilitate such an outcome but there is a lot of work to do between now and when the next bids have to be submitted.
“Stroud Trust, with the support of the Town Council, will revisit its bid to ensure that it meets the needs of the community while being a viable and sound economic proposal.”
The new bidding packs are due to be published in early January. A submission date for bids has not yet been announced.