PLANS for the former Helston Community Centre building in Helston's Penrose Road include the use of a large ground floor room by the local community.
The building, a former school, was bought by a group earlier this year after plans to turn it into housing fell through.
The centre was controversially closed by itws owners, Helston Town Council, last year.
But in a new twist the council is now being asked to use at least some of the money it received from the sale to help towards renovating it, which could cost at least £500,000 in time.
The purchasers, including Karen Townshend, who owns the Kestle Barton Centre for the Arts at Manaccan, The Lizard, and Teresa Gleadowe, a world renowned curator, writer and editor in the arts, have already successfully applied to the Charity Commission to set up the Cornubian Arts and Science Trust to administer the building.
The hope is it will become part of an arts "quarter" for Helston, along with the nearby Cornwall Council-run Helston Museum.
Town councillors will discuss the appeal for financial help at their meeting next month.
Mrs Townshend told councillors at their November meeting: ""This is a most fantastic opportunity for Helston and I urge you to support it in as many ways and as much as you can."
The women also told the council, however: "There is serious wet and dry rot in the building and there are structural problems....we reckon that over time the building will require expenditure of at least £500,000 just to deal with repairs."
They want the council to help so that funding can also be attracted from other sources.
They also said that part of their plans would be to set aside a large room on the building's ground floor for community use.