Top priority for Thame Town Council is to get its cattle market moved and to use the site for the community as a whole.
The policy committee chairman Paul Gleeson said: "Nothing will be done overnight, but these will be our top aims in the coming years."
The committee wants the North Street cattle market moved to the edge of town to help it accommodate more business.
The idea is backed by the farmers who operate the market.
The next stage is to build community buildings on the site - a theatre, music and dance areas, a museum and possibly a library.
The site was once owned by the former Thame Urban Council but was handed over to South Oxfordshire District Council when local government was reorganised 28 years ago.
Since then the district council has leased it as a cattle market, but talks are currently ongoing over its future.
Policy committee member Peter Cockayne said: "This is potentially a great site to benefit the whole community and we want to do our best to keep attention focused on it."
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