The ambitious project, including a regional theatre, a civic centre, a library, and a café, is a key component of the Falkirk and Grangemouth Growth Deal and aims to revitalise the town centre.
However, the report also acknowledges that the project's cost has risen to £69.84 million due to construction inflation.
The Council will explore funding options, including service concessions from available funds, to address the increased cost.
"With the rise in business rates the venue could cost up to £1.5m per year to operate but adds that officers are already working on plans that could bring this down significantly prior to opening in mid-2028," the report stated.
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The Council will hold a public consultation later this month to gather feedback from residents and businesses on the venue's design and offerings.
The new Town Hall is expected to open in mid-2028, subject to planning and funding approvals.
Malcolm Bennie, Director of Place Services at Falkirk Council, said: "The new Falkirk Town Hall is the key to unlocking lasting regeneration of the town centre by adding significant new footfall to the high street, as well as securing the recently agreed £148m Falkirk and Grangemouth Growth Deal.
"The venue would provide a regional home for creative productions like touring theatre, music and popular comedians, create an accessible environment for the civic functions of the Council, host a stunning new library and learning hub for all ages, and a modern café and bar area for the general public to gather.
"These improvements are predicted to bring hundreds of thousands of extra visitors to the town centre which would be worth more than £3m in growth every year. This impact, in addition to the benefits flowing from the £148m Growth Deal make this a worthwhile investment for the future of the whole of the Falkirk area.
"It is now up to councillors to consider if our team can go out and engage with the public, business and local stakeholders such as amateur production groups to ensure the end vision fully matches the needs of the local area. If agreed, then a full business case on the Town Hall would come back for approval in 2025/26."
