The revised budget would see the New Zealand Transport Agency stump up $200,000, the council $150,000 and Te Puia $50,000, leaving another $100,000 to be sought from various community and arts trusts, or private individuals who would like to contribute.
The majority of councillors said they were impressed by the design and the work council staff, artists, the transport agency and the institute had done to get the project to this stage and were pleased it would become a reality.
However, councillor Charles Sturt said he wanted to challenge Rotorua's arts and philanthropic communities to cover all of the costs for the sculpture so ratepayers "would not have to spend a bean" on the project.
Mayor Steve Chadwick said she supported Mr Sturt's call and had already been speaking with individuals and organisations about possible funding.
The council's community arts adviser Marc Spijkerbosch said the stunning sculpture was an exciting prospect for the district and would be a memorable addition to the area.
"These opportunities don't come along often. It will also look sensational at night with LED lighting ... it's a perfect fit," he said.
Mr Gaston said the sculpture should be installed by July.