"Overall, my initial budget proposes investing more than ever in Hamilton's growth, infrastructure, transport and community projects in the next 10 years," Mr King said.
"What we want our city to look like in the next decade, and what our ratepayers, our communities and our businesses want and need. "We have challenges and we have opportunities and we must face both.
"If we don't get this right now, it will cost us more in the future. I don't believe we should leave these hard decisions to a future council or future ratepayers."
On Saturday, Mr King attended a residents and ratepayers meeting where he came under fire for the proposed rise.
President of the Hamilton Residents and Ratepayers Association Mischele Rhodes said the reception for the mayor was frosty, due to the topic.
"The general feeling was the rates rise was probably too much. "Those on fixed incomes and retired folk are already finding it a struggle," Ms Rhodes said.
Ms Rhodes was concerned that council was spending too much on new things rather than sticking to the core facilities in Hamilton.
Council has plans to build a new Regional Theatre on Victoria street while contributing to a possible re-design of Garden Place. Mayor Andrew King has said that the rates rise is needed to help fund Hamilton's growth.
"Every time you pick up a paper someone is thinking of something else to do," Ms Rhodes said.
"We need to pull back and look after our existing infrastructure and I think they have kind of pushed that back on the agenda for a long while."
Ms Rhodes said that the proposed regional theatre on Victoria Street is not needed.
"What is wrong with the current site? The majority of people have asked what is wrong with the current site.
"When you talk about over by the river bank you are talking about having to rejig the street yet again and how are you going to get trucks and buses into this new theatre by the river.
"We just need to stick to the core stuff and they are just going to have to delay all their wants."
Hamilton City Council will debate the initial 10-Year Plan budget from 6 December, followed by a public consultation process early next year and adoption of the final plan in June 2018.