Mr Boyle said that, while there were no set plans yet, initial indications were the committee would be looking at about $7 million for the new facility.
"We'd like to get this group making things happen within three to five years maximum time frame."
Mr Boyle said the steering committee would be "hands on" throughout the fundraising process, but the community would also need to "take ownership" of the project.
He hoped to get support from the Lotteries Commission and TECT to fund the project, as well as community support.
The committee had five sites in mind, which Mr Boyle said he could not name before the public had been consulted, but all were in close proximity to the town centre and local schools.
"The town is of the size to justify a facility like this for school and public use. There isn't a 50m pool that I'm aware of in the Western Bay so hopefully it will attract people to Te Puke which will be of huge benefit to the town."
Te Puke High School principal Alan Liddle said he was "very keen" to be involved with a school and community facility of this kind.
"We have a gym but it's due for replacement. We have the Te Puke pool next door which is getting close to its end date so for us, it seems a very natural thing to have a gym and a pool that's either on site at the school or nearby so our kids can use it and other schools can as well."
Mr Liddle said the centre would be fantastic for the whole community.
Steering committee for a new Te Puke aquatic and action centre
* Chairman is Mark Boyle from Te Puke EDG
* The rest of the committee is made up of representatives from businesses, iwi groups, schools, sports clubs and local government.
* The group will meet monthly, with the first meeting to be held on March 16.