Oakham Town Council could fund a £300,000 lifeline to Victoria Hall – if councillors give the plans the go-ahead.

The council will debate whether to take control of the building – via a trustee arrangement – and could also move its offices to the hall.

This however could create legal issues whereby the council would be both landlord and tenant.

The building currently needs significant cash investment to bring it back up to spec – and bosses at the town council hope that restoring the hall would align with their hopes to be named UK town of culture in 2028.

Council documents state: "This proposal seeks approval to progress the next stages of the Victoria Hall refurbishment, with the aim of bringing the hall back into the centre of Oakham life as the council's civic home and a vibrant community and cultural space.

"Members are asked to approve the first two phases, including early priorities such as the toilet reconfiguration and the new accessible first-floor toilet, and to endorse the third phase focus on the council chamber and main entrance.

"The proposal also includes essential legal and professional work to register the hall's land and update the charity's objects, following confirmation that no title documents exist.

"We have been advised that the most robust and sustainable solution is to replace the existing trustees with a structure in which Oakham Town Council becomes the sole corporate trustee, with ownership of the building transferred to the council."

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The project would be funded through the council's Community Infrastructure Levy.

Bosses say they will have an available balance of £325,352 – with the full cost of the project estimated to be £312,650.

The community venue in High Street, Oakham, has been in financial difficulties for several months and last year trustees said income was insufficient to keep the hall running.

Oakham Town Council has supported the hall in the past with a grant – and also paid for a new boiler.

The town council will discuss the latest proposals on Wednesday. A public consultation on the plans is set to be launched later this month.