Mayor Lawrence Yule says the council specifically commissioned earthquake strengthening work as part of the 2004 refurbishment project.
Last year, a local engineering firm was commissioned to review past assessments of the seismic performance of the building structure and undertake a general and visual assessment of the facility.
The review estimated the seismic performance of much of the building was between 34 and 67 per cent of the national building standard with some areas of the facility scoring much higher than that. (A score of under 34 per cent indicates a building is earthquake-prone).
In its report the firm recommended the council undertake further assessment and investigation to improve the accuracy of its findings and the council subsequently contracted another consultancy, to undertake further testing and modelling on the facility.
Last week the consultancy's engineers verbally advised the council that it had found the theatre's rating was well below the 34 per cent mark and therefore was earthquake-prone.
It did not provide a specific rating but will detail its findings in a written report, which is due on March 21.
The council plans to have that report peer-reviewed and says by mid-May it will have the information required to make a decision on the future of the theatre.