Magnus Theatre expects to begin fundraising in the new year to pay for repairs to the exterior wall of the auditorium, and for upgrades to the historic former Central School building which the theatre is attached to.
Pieces of stucco started falling from the wall about two years ago.
"The stucco wasn't installed properly when they initially built the auditorium," said Magnus general manager Miranda Myers "It's an old system that they used. The stucco's just not sticking."
Myers said an architectural firm recently conducted a study of the building's overall condition, setting the stage for repairs to the exterior as well as improvements to the interior of the heritage portion of the structure.
"The building is old ... we want to make it a little bit more modern."
She told tbnewswatch.com that a capital committee will consider how Magnus should proceed with the work.
"We'll be doing fundraising," she added. "Volunteers are going to help organize, and we're going to be applying for grants as well.
"We're in the process of coming up with a strategic plan, how we're going to get this done."
In spite of the absence of stucco, she said there has been no additional damage to the auditorium's shell in the exposed areas.
The auditorium was built in 2001.