The committee's decision will go before the full council on December 19. From there the funding will be put into the Long Term Plan for 2018-28, which will go out for public consultation early next year.
During the committee's discussion Mayor Greg Brownless asked if it was necessary for the committee to make a site decision in the meeting or whether they could just set a budget.
"It's difficult because you're balancing cost, value for money, potential for revenue, keeping everybody happy – it's a big decision," he said.
Heart of the City programme director Adele Hadfield said the council should be clear with the community about what they were being asked to fund.
She recommended the council choose a preference but also present the community with the other options they considered.
Infrastructure manager Christine Jones said the council had to put specific dollar numbers in the council's Long Term Plan 2018-28, which must be audited, but could talk about other options in the text of the plan.