The two-basketball-court stadium with associated facilities will cost the Waimate District Council no more than the $3.8 million it asked the community to spend.
The rest of the cost will be picked up by Waimate businessman Gary Rooney, founder of construction and farm conglomerate Rooney Group.
Earlier this year, the council settled on a one-court redevelopment of the existing stadium on the corner of Paul and Wilkin Sts.
It called for public comment and received 228 submissions on behalf of 484 individuals, 67% in support, 30% opposed and 3% neutral.
One of the major issues was whether the stadium should have one or two courts, resolved when Mr Rooney offered to pay for the additional court.
The council decided to go ahead with the project subject to conditions, including it would not cost ratepayers more than $3.8 million, which included $950,000 to be raised by the community.
The total cost is not known because the extra would be paid by Mr Rooney.
Council property manager Sue Kelly said yesterday that, after Mr Rooney's offer, new plans had been prepared to include two courts, and discussed with stadium users.
Final plans were now being prepared and should be made public early next year.
After that, the only council decisions left for the project to start were approving the final plans and accepting an agreement with Mr Rooney in terms of his sponsorship.
If everything went according to plan, the new stadium would be completed by the end of 2016, but people would be able to use it during construction.
While the new court and facilities were being built, groups would continue using the existing stadium. Once they were finished, users would transfer to the new stadium while the old one was reconstructed.
The Waimate District Charitable Foundation has taken responsibility for raising the $950,000. It is aiming for $300,000 from fundraising, local donations and sponsorship.
The council is applying for the remaining $600,000 from outside sources.
Trust chairman Derek Maar was confident the community target could be met.
By February next year, it would have launched a fundraising campaign which was being worked on by a separate subcommittee of the trust.
The trust was set up about two years ago by the council and Waimate Rotary Club as an autonomous charitable trust for donations, bequests and sponsorships that could be distributed in Waimate.
Mr Maar said the trust was not just for the stadium and would make its first grants shortly.
The council's share would be paid for by a loan, repaid by increasing the stadium rate.
