“It has been extremely emotional to see the reaction to the announcement that The Electric will close on Thursday,” a festival spokesperson said.
“The main thing to say is this: This is not a done deal. By working together, we can save this place.”
On Monday they added: “All plans for the site are rumors at this stage, but it is clearly important that we begin to articulate an alternative vision for the renewal of Station St.”
The Electric, with its art deco façade, has two screens which projected 35mm films as well as digital.
Built in a former taxi rank on Station Street, it showed its first film on December 27, 1909 and showed silent films with piano accompaniment.
In the 1970s, cinema screened films for adults before moving towards mainstream screenings alongside art house films.
The full council meeting is due to open at 2:00 p.m. GMT.