Chairwoman Margaret Thomas said it decided to schedule an open day of the building on April 28.
"General members of the public will be able to come in, see how the building is, and give suggestions or comments about it."
In a meeting earlier this week, the board received a report which estimated an initial cost of $160,000 to refurbish the building.
Ms Thomas said no decision or plan was made yet.
"We are in an early stage of the discussions. But it will be the general public and the community that will make that decision -if they want to spend that sort of money or not."
She did not discard the possibility of someone or a business taking over the project.
"If someone else, from the general public, come up with an idea and want to head the project, that would be ideal."
Plans to refurbish Tuatapere's railway building have been welcomed by residents. The Tuatapere railway line opened in 1909 and closed in 1976.
