Iqaluit's new city council approved the plan to borrow up to $40 million for a new aquatic centre at its first meeting Tuesday night.
Councillors also agreed to hire an outside firm to manage that project.
Meanwhile Iqaluit’s existing pool has been closed since it shut down in September for annual maintenance. It did not reopen in October as planned due to the discovery of leaks.
Fall programs have been cancelled for more than 200 swimmers.
Recreation Director Amy Elgersma told council the aging pool gushes water from cracks in the basin.
Elgersma said the recreation department will be coming back to council with a request to repair the pool. She said a short-term fix could cost up to $160,000.
The new aquatic centre won't be completed until 2016 at the earliest.
"Recognizing that 2,000 swims per month, an aquatics program that runs from 6:30 in the morning until 10:30 at night, we look forward to receiving your report," said Mayor John Graham.
A request for decision will come to council later this month.