Taunton Dean Borough Council will discuss making a bid for The Brewhouse Theatre today.
It would not mean the authority would take on the running of the theatre though.
The public arts and performance hub went into administration in February leaving more than 50 members of staff redundant.
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Bridgwater and West Somerset is considered a Conservative safe seat - in 2010 they had a majority of over 9,000 votes.
Camborne and Redruth is a marginal seat. The Conservatives won it in 2010 by just 66 votes - a 0.16% majority.