The fate of Harrogate's crumbling Royal Hall, one of North Yorkshire best-loved buildings, will be decided at a special meeting this week.
The 1903 Frank Matcham-designed hall, listed Grade 2 for its architecture and history, become a victim of sulphate attack which is eating away at its concrete floors and ceiling.
The damage has already led to circle seats in the 1,275-capacity building being closed.
Restoration is seen by many as a must for a building which residents hold in high affection, but a special meeting of Harrogate District Council on Wednesday will need to decide whether it is affordable.
The cost is likely to top £11m. The Heritage Lottery Fund is expected to provide a maximum £6.58m leaving the authority to find £4.52m.
Council officers have put forward a cut price scheme that would cost taxpayers £2.75m.
But that plan would leave the venue without new fixtures and fittings.
The only alternative, according to officers would be to mothball the hall - as demolition is unlikely to be sanctioned - and leaving it as an unused shell when it has to close fully for safety reasons, in three to five years.
Chief executive Mick Walsh and finance director John Sowden are urging caution.
A report to be considered by the authority claims that against a background of the current budget of £18.4m.
and working balances of about £1.7m renovation would be a massive and risky project.
If costs increased substantially, as they could well do, it could destabilise the council's finances, warns the report.
Projects like waste recycling, theatre restoration, swimming provision and a multi-storey car park in Ripon would have to be put on hold.
Mr Walsh said that in strict financial terms it would be difficult to support the project. But a balance would have to be drawn between community and business issues on a hall which not only supports the council's conference and exhibition business but also provides a venue for local and national theatrical events.
He is urging no commitment to the development until the funds are more certain, possibly after selling some major part of the council's holding.
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