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Any decisions, however, are unlikely to take effect in the next financial year.
The issue of the Andersons Bay Rd gymnasium's future was raised by the Dunedin Gymnastic Academy (DGA) during last year's annual planning round.
The DGA says the ageing facility does not meet modern recreation expectations and limits growth in their sport.
It also questions whether the location of the gymnasium in an area of significant commercial growth is any longer appropriate.
A report to councillors considering the 2013-14 budget recommends councillors approve further staff investigations into several options.
They are: retaining the status quo, which requires about $80,000 investment over the 30 years of the building's remaining useful life and $250,000-$300,000 in the next two to three years to keep the facility going at its current level of service; sell the land of the gymnasium and/or the next door bowling club and realise about $2.5 to $3 million; redevelop, in two stages, the current gymnasium for about $4.3 million; or sell the land and build a new purpose-built facility in the Ice Stadium car park in Victoria Rd, also for about $4.3 million.
In the scenarios that require sale of the bowling club land, valued at about $1.5 million, the 32 members would have to find new clubs to play for.
The redevelopment option would involve initially improving the standard of the building at a cost of about $1.8 million.
A second stage in five to 10 years' time would double the floor space and include an underground car park.
The total cost could also be increased, as it is listed as an earthquake-prone building and requires a structural assessment before July next year.
The report informed councillors that before DGA could begin to fundraise for new facilities, a decision needed to be made about the future of the Caledonian sports hub and what support, if any, could be expected from the council.
DGA could raise $1.8 million over two to three years, but if it needed to raise the full cost of an upgrade or new facility, that would take up to 10 years.
Staff advised council support could be in principle, by supporting the development and renewal of existing building, through the provision of a green field space for a new facility, and/or making a capital contribution from the sale of the gymnasium or bowling club.
There is no funding in the draft annual plan for gymnastics facility improvement.
A commitment from council around the preferred direction was sought, the report said.
Further investigations would then take place and staff would report back to the Community Development Committee in September, with any implications to be considered as part of the 2014-15 annual plan process if email@example.com