City funding to help build a new water park in Winnipeg is set to expire.

In 2007, the City of Winnipeg offered a $7 million grant to any private developer willing to build a water park.

Canad Inns had originally planned to build one but that deal fell through.

Now, Mayor Sam Katz said the time has come to pull the plug on the city's offer.

The deadline for a viable water park proposal is now the end of March.

If no one comes forward by then, Katz said the city should use that money to fund other recreational programs.