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With $1 million in hand, planners can start envisioning what it would look like.
But the Citizens for a New Performing Arts Centre say it will be up to them to find an investor to get things in motion.
Society President Myles Bruckal said he's thrilled.
"This is the first time we've gotten some solid funds," said Bruckal.
The million dollars is in the city's 10-year capital plan.
"And this should be enough to kick start things so we can create the kinds of images, the kinds of plans that we can use to attempt to raise the money that we need."
It's hoped that with schematic images in hand, the society can find an investor or investors with deep pockets.
These kinds of projects are funded basically a third by taxpayers, a third by major governments and grants and a third by the public through donations," explained Bruckal.
"And to kick it off, we need that major sponsor."
The society and city officials agree a new theatre should be something special.
"We're using the word 'iconic', the mayor has used the word 'iconic'," added Bruckal.
"We want this facility to be something that everybody can recognize."
But on the size of the new theatre, there is disagreement.
The most recent report by the city envisions something around 12 hundred seats or less, but Bruckal said that's not enough.
His group is promoting the vision of a larger 1600-seat theatre.
"The beauty of 1600 seats is all-of-a-sudden the level of performers, the level of acts, the level of services that we can bring is much higher."
So the job ahead of the society is to find that big sponsor.
"That's our aspiration," said Bruckal, "and we think we're going to do it."
If they found that investor tomorrow, it would still take about a year in architectural design, there's engineering, the bidding process and about two years to build it.
So the earliest you might be able to get tickets at the new theatre would likely be in 2027.
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