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The plan, which is designed to spur redevelopment, lapsed in 2023, and the City of Springfield is working to bring it back.
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The move allows the Community Foundation of the Ozarks to sell the building that was the former home for its headquarters.
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Brandon Jenson has served on council since April 2023.
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The funding was included in an amendment to a bill amending the General Fund budget for Fiscal Year 2025-2026.
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Public meetings will be held this month, and the program will roll out on March 23.
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Two current nonresident members could move to a non-voting role, and council will need to appoint three voting members to the board.
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Museum Director Nick Nelson hopes the renovation and expansion will be completed in time for their 100th anniversary in 2028.
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The current building, which used to house Calvert's Cafeteria, has parking and maintenance problems, as well as a lack of space.
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The resolution was in response to state legislation that would impact residents' rights in Springfield city charter.
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The aim of the review is to improve traffic enforcement in the city.