Council members are also moving forward with plans to renovate the existing building to make it compliant with the Americans with Disabilities Act.
In 2009, the city settled a complaint about access under the Act, and agreed to make changes. But the recession delayed the work.
Mayor Kevin Johnson says it's smart for the city to keep its options open.
"You cannot have a great city without great arts, and to me, Sacramento is a great city that deserves great art," says Johnson. "And to me, this is a strong step in that direction."
Also, given the city's plan to build a new Kings Arena downtown, Johnson says there's a momentum for big ideas.
"If you think about what's transpired over the last year or two, these folks on this council have made some major decisions that are going to transform this city forever, and this is the next step in being able to do that," Johnson says.
The Council voted to create a task force that would study options for a new facility, and report back in six months. At the same time, city staff will also be working on plans to renovate the current facility at 13th and L streets.
Councilman Steve Hansen, whose district includes the Community Center Theater, says replacing it would cost between $200 million and $300 million.
"I believe that if we put our best minds together -- the people who care about this community -- I believe that we can do a new facility," says Hansen.