The annual general meeting of Emsworth Community Association (ECA) will focus on the condition of the community centre buildings, in North Street.
It comes after a surveyor’s inspection has uncovered many ‘potentially serious significant defects’.
The surveyor’s report stated: ‘ECA must take action soon, as the existing damp issue will only worsen.’
Two different routes are now being considered.
One would be to preserve the historic school buildings and deal with the damp problem.
There would be work to the entrance area, new windows and other cosmetic improvements, helped by a £100,000 grant from Hampshire County Council.
The alternative would be to demolish the building and rebuild it with flats above.
The flats could be sold or rented out and pay for the community centre.
A smaller purpose-built centre would be created.
The meeting takes place at 7pm on Wednesday, July 13.