The Waitaki District Council has begun negotiations with a contractor for the build, planned for Centennial Park, with $28m raised so far for the Network Waitaki Events Centre.
It had a $32m funding target, with $26m for the main build and $6m for ancillary works.
Most recently, the Otago Community Trust has pledged to contribute $2m for the centre.
There are still outstanding applications from other funders, including the Lotteries Community Facility Fund, AAW Jones and the Alexander McMillan Fund.
Further applications to Otago Community Trust and Lottery Significant Projects Fund are planned for next year.
Waitaki Event Centre Trust chairman Kevin Malcolm said there were "a heck of a lot" of small funders wanting to contribute, but it had to "attack the big fellas first" to get the build under way.
"We’ve got enough to build the whole thing."
The trust would start a series of fundraisers next year to increase the budget, which would allow the centre to have "the very best of everything".
The trust was now "haggling" with the contractor to "make sure we’re getting the best value for money".
A revised concept was expected from the contractor in the coming weeks, a district council spokesman said.
Mr Malcolm said it would share the final design with the community for feedback, and he was "really confident" it would get signed off by the end of the year.
Six indoor courts for basketball and netball are planned for the events centre.
It will also provide facilities for club meetings, performances, conferences, sports and activities for all ages.
Previously, project manager Erik van der Spek said it would take about 24 months to construct the event centre after the contract to build it was signed.
