An artist's sketch of a redeveloped George Street suggests how city council would like to attract a broader demographic to the entertainment district. (CBC)

The City of St. John's will need to attract outside money to cover the growing costs of fixing up one of Canada's best-known entertainment districts, councillors say.

City council voted Monday to approve a final study on transforming George Street from more than a collection of bars and nightclubs.

Shannie Duff says George Street needs a makeover, but it will likely take time to pay for it. (CBC)

But Deputy Mayor Shannie Duff said private support and funding from the Newfoundland and Labrador government will be needed to cover a $17-million price tag that has now been attached to the plan.

"We need to improve the safety, we need to improve the aesthetics, we need to improve the family focus of George Street so it isn't just a late night bar district," Duff said.

"I think that was the intent of this plan. I like the plan but it may not be the highest priority right now in terms of funding."

Council has been interested for years in sprucing up George Street, a popular destination for revellers but one that police and others say has become increasingly dangerous late at night.

The Royal Newfoundland Constabulary is planning to install surveillance cameras, but there have been calls for such things as better lighting and wider sidewalks.

The city has wanted to make the George Street area more appealing, particularly during the daytime.

Coun. Gerry Colbert said he wants to know who's going to cover the mounting costs.

"Everybody sees what this is. Can the city do it alone? No, we can't do it alone," Colbert said.

"We'll never be able to do this alone, not unless we strike oil in the harbour."

Mayor Dennis O'Keefe, though, believes the effort will be worth it, in the long run.

"George Street is in bad need of refurbishing," he said.

"George Street needs to be more inviting to a whole spread of different age groups, and not people who want to come down at midnight and party till three in the morning."