Councillors will ask National Lottery chiefs for help to restore the historic Madeira Lift on Brighton seafront.
Full restoration of the lift, which opened in 1890, would cost about £250,000.
Brighton and Hove city councillors have agreed to investigate a bid to the Heritage Lottery Fund for some of the cash.
But culture councillor Ian Duncan warned colleagues at a meeting it would be difficult to get the money.
Although the lift is a listed building, it is not in the top grade which would encourage large lottery grants.
He said: "Even if we do succeed, we will have to find shedloads of matching funding."
The culture committee agreed to make a bid to the council's maintenance budget for £25,000 to keep the lift going.
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