A £9m arts centre needs cash from the Government's Levelling Up fund to get off the ground.
North West Leicestershire District Council has drawn up plans for The Lyceum with Stephenson College and Gylo, the centre's owner, in hope of injecting new life into the Belvoir Shopping Centre precinct in Coalville.
The authority has begun approaching local businesses and community organisations to drum up support.
"Funding bids like this are always over-subscribed and it’s very important that we maximise local support to show that our community is right behind this important project," Council Leader Richard Blunt said.
The venue would host theatre, dance, comedy, film and music performances, and have a museum, gallery space and cafe.