NEWENT town councillors met behind closed doors on Monday to discuss the future of the deteriorating Victorian Chapel and mortuary off Watery Lane.
Unless more than £75,000 can be found for improvements and repairs, the building could be unusable in five years.
Town clerk Deirdre Rosser said: "Members thought this was quite a conservative figure but they are not rushing all their options."
The Grade II listed building is currently used as a workshop and storage area for the council. However, this is not likely to be satisfactory in the longer term, especially if so much money has to be spent on roof and structural repairs.
Several years ago, the council went out to public consultation concerning possible new uses for the building. No solution was found.
One idea is that the building could once again become a place of worship, if a group can be found to take it on.
At Monday evening's meeting, councillors decided the Newent Initiative should be encouraged to take the repair programme forward, starting with a minor repair list that needs to be done within the next 18 months.
Attention will be paid to the rainwater disposal systems, such as guttering, the flashing on the roof and drainage covers.
Cheltenham-based business, Bartosch and Stokes, which has carried out structural surveys at St Mary's Church, in Newent, will be asked to draw up the specifications.
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