Bradford Council is set to accept the transfer of the former Odeon building from the Homes and Communities Agency for £1. A report to the Council's Executive next week asks members to agree to the transfer and then look at commerically viable ideas submitted for future use of the building.
Council leader, Coun David Green said: "We will try and find a commercially viable option for the Odeon building and would encourage anyone with ideas to come forward with a business plan."
The cinema building opened in the 1930s as the new Victoria and was known for its lavish ballroom and screening of Hollywood Classics. In the 1960s it played host to the Beatles and the Rolling Stones.
The building has stood empty since 2000, but there are hopes to to turn it back into a major music venue.
More top news
The developer says the water rides are on a par with those found at premier water parks in Dubai and Florida.
The force is issuing security warnings after 157 bicycles were taken last month
The four people who were all related were killed on the A64 near Malton as they returned from a wedding in Leeds.