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However, council chief executive Sue Bidrose said on Friday officials were still assessing the city's funding request.
The parties were now expected to meet face-to-face later this month, so Dunedin's representatives could run PGF officials through the business case underpinning the waterfront development in person, she said.
"It's a complex business case so that's what we're going to do," she said.
After that, a report would go to the PGF's independent advisory panel, possibly as soon as April, followed by a recommendation to Cabinet, she said.
A final decision would then be made by Cabinet, but exactly how soon that could happen was not yet known.
A spokesman for the Ministry of Business, Innovation and Employment's provincial development unit could not say when a final decision was likely.
That would depend in part on whether officials needed to ask the council or other parties for further information.
"It's really impossible to say," he said.
Officials were "acutely aware" of the significance of the project to Dunedin, but needed to treat the application with the upmost rigour given the sums of money being sought, he said.
"We are working closely with the council to progress it. We do need to make sure we get this process right."
It was previously reported Dunedin was seeking $50million or more to pay for improvements to sea walls, earthworks and other work needed to ready the area for development.