BBO chief Mark Rogers made the request during the DCC annual planning meeting at the Municipal Chambers yesterday.
If the application is successful, BBO will use the funds to cover venue costs - estimated at $33,500 in the Nuggets' draft budget for 2010 - with the remainder going towards the NBL fee (based on this year's NBL fee of 15,000).
However, Rogers warned a $50,000 grant would not be enough on its own to secure the cash-strapped franchise's re-entry into the league in 2010.
"I would say that [$350,000] is the minimum you would need to field a competitive team in my opinion," he said, adding the rest of the money would have to be raised through community grants, sponsorship, potential gate-takings and other revenue streams.
"A lot of other things have to happen before we are able to make that call [to re-enter the league]."
The Nuggets had a budget of $350,000 in 2008 but were subsidised by BBO, which poured in up to $100,000 to keep the team going - money, BBO felt at the time, was better spent on development and the grassroots programmes.
The battle to keep the Nuggets on the court was lost in December.
A stunned basketball community rallied around the beleaguered franchise and, led by Nuggets assistant coach Gavin Briggs, a ginger group emerged which made a last-ditch attempt to rescue the team.
The group raised $95,000 in just over a week and was offered control of the Nuggets, but was not in a position to run the franchise without the help of BBO.
"It was not a simple or an easy decision not to field a team this year," Rogers said.
"We're prepared to do everything we can to get the team back in the league and make the franchise viable.
"We wouldn't have approached the council if we didn't think we had a valid case. We see value there for the city and are hopeful the council see it the same way."
In the submission, BBO claims the franchise spends more than $250,000 directly with local businesses each year it operates.
The DCC will consider the application during its deliberations next week.
BBO has appointed a management committee charged with looking for ways to help the Nuggets re-enter the league.
The group includes former Nuggets coach Todd Marshall, former Nuggets manager Shane Atherton and BBO board members Rob Torrence and Ricky Carr.
However, Rogers said until the NBL board had called for expressions of interest and released its entry criteria for the 2010 season it was hard to do much planning.
The Nuggets joined the NBL in 1990 but had a disastrous season in 2008.
They won just two of their 18 games and were plagued by off-court incidents.
Two players, including captain Nat Connell, tested positive for cannabis and were suspended for six weeks.
In a public outburst, American import Lemar Gayle suggested the team was content to lose.
He was fined $500 by the franchise and promptly walked out.
And a day before the last game of the season the Nuggets general manager Warrick Diack quit following a dispute over money.
