Redland City Council's record $396 million budget for 2022-23 will fund the next stage of the Birkdale Community Precinct (BCP), with more than $1 million to restore the Willards Farm Homestead.
Council released its annual budget on Thursday, with a total of $116 million allocated for long-term projects including the BCP and the Heinemann Road Sports Precinct.
It is the largest capital expenditure program in the Council's history.
$12.7 million has been allocated to fund the next stage of the BCP, with $1.5 million to go towards the restoration of Willard's Farm, with the rest to fund foundational works in preparation for upcoming stages.
Ms Williams said the 2022-23 budget would deliver needs and plan for the future.
"When complete, this exciting project will include a public swimming lagoon, entertainment and innovation precinct," she said.
"It will be our version of South Bank and Victoria Park all rolled into one and will be enjoyed by generations of Redlanders."
"The community told us that it wants this to be a place for families and we have listened, with plans for an entertainment precinct for local bands and artists..."
The funds have been allocated despite the master plan still in the draft stages.
The BCP will also become home to a whitewater facility to host the canoe slalom events at the 2032 Brisbane Olympic and Paralympic Games.
Ms Williams said the wider BCP was made possible because of the Redland Whitewater Centre.
"Securing this venue means we have also secured funding from the State and Federal Government, making the other elements of the precinct possible."
Other funding for major projects includes $15 million for stage one of the Redlands Coast Regional Sport and Recreation Precinct at Mount Cotton, as well as $20 million to the duplication of Wellington Street/Panorama Drive, $5 million for the Weinam Creek project and $4.41 million for the Soithern Moreton Bay Ferry Terminals Upgrade for Lamb and Karragaarra Islands.
Despite a 4.72 per cent rate rise, more than double last year's increase, Ms Williams said the majority of the major projects were funded through cash reserves, not rates.
"More than half of Council's capital spend for 2022-23 will go towards open spaces, transport infrastructure and roads, and key intergenerational projects that will bring significant benefits to our community well into the future," Ms Williams said.