Over the last three years, several stages have been completed.
These included an initial feasibility study by Tonkin Taylor and geotech work to determine the viability of permanently raising the water level by one metre.
Bores have been put down to measure the groundwater levels.
"Council is very mindful of the possible impact this lake could have on the stopbank and the housing close to the proposed lake" the council's infrastructure services group manager Gary Allis said.
"The stopbank was constructed many years ago and the pond was developed mainly to catch sediment during the construction phase of the Highfields subdivision."
The plans propose raising the water levels by 0.5m at a time while monitoring any changes in between.