About $22 million has already been raised for construction of the Network Waitaki Event Centre, but the project cost has ballooned out to $31 million because of construction cost inflation.
The council had granted $10 million to the project but was looking at increasing that contribution.
It may be looking at a grant of $15 million but several figures will be looked at.
The council is going out to the public through its annual plan process to seek feedback from the community on the proposed increase.
Mayor Gary Kircher said the council had been considering upping its contribution as the price of the project increased from an original $24 million to $31 million.
"The budgeted amount has been blown out of the water by soaring construction inflation," he said.
"What we think we would have got for $24 million has now turned into $31 million and rising."
Mayor Kircher said various other major funders had talked to the council and said the council should look at increasing its amount.
He was well aware it was a real balancing act between increasing the council contribution and not making it too expensive for the ratepayer and council.
The council was likely to propose several amounts it may contribute on and then evaluate feedback.
"It is a major project that has been on the cards for the past 10 to 15 years and we need to get it over the line.
But it has to be affordable."
He did not want the project to fall over because of a lack of funding. He was loathe to put a figure on what the council should contribute but $15 million was a figure being suggested by some.
That was about half of the construction amount, similar to what other councils contributed to comparable projects.
Mayor Kircher said it needed to be done quickly as costs continued going up.
An update about the centre had been released this week and the three preferred contractors have been named, who are to come up with a detailed design.
Apollo Projects, Calder Stewart and Cook Brothers will present proposals for consideration.
The shortlisted companies will need to present the project board with options about a six-court facility, storage, communal meeting and office space and associated toilets, shower and changing rooms.
The brief will include asking for two flooring options — four timber sprung and two synthetic flooring or six timber sprung.
They also need to incorporate a refurbished or replaced grandstand, now or the future.
