The straitened Christchurch City Council is calling for funding offers from private developers to help kick start the revitalisation of New Brighton.
Residents of the seaside suburb have chosen all-weather, hot saltwater pools as their preferred development project, and the council has agreed to fund it in part.
The local business association is asking for $20m, but the council is yet to signal how much it can put towards the project.
Mayor Lianne Dalziel says while the council wants to see the project go ahead, it needs to be responsible with its finances.
"We want to get on with the job. I certainly got the feedback from the community that they didn't want us to be spending tens of thousands of dollars on a feasibility study that may, in fact, show that it's not feasible.
"It is feasible, we are going to deliver hot saltwater pools and this is the next step along the way."
Ms Dalziel says the council has not ruled out funding the project alone, but is seeking interest from private developers first.