Interested parties will soon be able to submit their ideas for the future of Bradford’s former Odeon cinema, as its transfer into Bradford Council’s ownership is nearly complete.

Councillor David Green, leader of Bradford Council, said he hoped to invite expressions of interest later this month or early in November.

“It will be interesting to see when we formally go out to the market how many expressions of interest we get,” he said.

Coun Green said that once the transfer of ownership from the Homes and Communities Agency (HCA) was complete, remedial works, including dome structure repairs, roof and masonry repairs and removal of material affected by dry rot, would start. The Council agreed in May to buy the building for £1, with the HCA providing £1.32m for the Council to look after the building until a developer is found.

“I think there is no reason to believe the transfer won’t be completed this month,” he said.

“I think it will be several months before the final decision is made, but clearly I don’t want to try and guess how long that will be.

“The terms of the timetable is that we have got until April 2015 to come to a final decision on the future of building and the budget to maintain it.”

Interest groups Bradford One and Bradford Live both have ideas for the building. Bradford One wants to create a live music venue and home for the creative industries, while Bradford Live wants to restore the original auditorium for live events.

Lee Craven, from Bradford Live, said he could not wait for his engineers to get inside the building. “We have been waiting for the Council to complete this transfer,” he said.

A report to the meeting of the Regeneration and Economy Overview and Scrutiny Committee meeting on Thursday says legal documentation is being finalised by both parties’ solicitors.