AUBURN – City leaders plan to meet with the heads of local arts groups Wednesday over the future of the Great Falls School, potentially launching a multi-million transformation of the former high school into an arts center.

Analyses looking at renovating the theater and the entire Academy Street complex will be unveiled at the meeting, scheduled for 6 p.m. Thursday at the auditorium.

The results of a New York consultant’s examination of the site – Community Little Theatre’s home for 68 years – will also be disclosed, said Doreen Traynor, executive director of the theater company.

“We want to make it a cultural center,” Traynor said, hopefully including her own group and others that lease space in the 53,000-square-foot complex.

It would take millions of dollars.

“We’re willing to raise the money to renovate the theater wing,” Traynor said. “But it’s going to take the whole community.”

The former Edward Little School has fallen into ill repair in recent years. It also suffers from code issues that would prove costly to fix.

Community Little Theatre leaders have been exploring changes to the auditorium – and even moving to another Lewiston-Auburn location – for more than a decade. Prior analyses went nowhere.

This time, the city and theater company seem ready to make changes, Traynor said.

The two groups jointly funded a study to examine the facility, assess the site’s potential as an arts center and make recommendations. A committee that also included local arts leaders chose Taylor & Burns Architects of Boston to do much of the work. The committee has spent the past several months evaluating the existing facility, programming potential spaces, and developing a proposed business plan for the facility.