The stadium bearing the name of the first Australian player to be inducted into the Basketball Hall of Fame will have courts "fit for the 21st Century" by 2024.
Lauren Jackson was recognised for her latest sporting achievement and looked through plans for the sport centre's upgrade, which will increase spectator capacity by 300 people.
"The upgrade of the stadium is going to be incredible and what it will do for our region is huge," she said.
"I love it - my name is on it and I'm proud of it - but it will be great to have it upgraded.
"I'm pretty sure it hasn't changed since I was here as a youngster."
A realignment and upgrade of courts including run-offs for basketball/netball, replacement of sports court flooring, a new roof and new rooms are among plans for the $11 million project.
Albury Council is spending $500,000 on detailed investigations for stage one and mayor Kevin Mack said the new courts were crucial.
"You can no longer sand them and make them pretty again, you've got to actually replace them," he said.
"That first $11 million is part of the (Albury-Wodonga) Regional Deal submission; hopefully we'll be successful to get $5.5 million dollars to do this work.
"Stage two is brand new and it's about establishing a brand new show court and another court so that we can have state-of-the-art facilities for elite sport."
Cr Mack said stage two wasn't in the ask of the Regional Deal as stage one was the priority to begin with.
"We can only do one part at a time," he said.
"The advisory group looked at the stage one proposition ... because we had $5.5 million of our own money sitting there.
"If we'd have to be finding half (for stage one and two) ... $10 million was a little bit, 'bridge too far' for Albury Council."
Cr Mack said he had met with Assistant Minister for Regional Development Nola Marino this week in Canberra.
"She's very keen to progress that deal and get a deal written down in paper - I'm very encouraged by that," he said.
Cr Mack congratulated Jackson in the event attended by family and Bandits players.
"I have enormous respect for all the things you've done for basketball and for women in basketball," he said.
Jackson said the timeline for her induction was September.
"That will be in America, and obviously with COVID and the situation at the moment, for me to get over there with or without my children is going to very difficult," she said.
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"I may have to do it in Albury, which is fine by me - maybe we'll do it at the council chambers?
"It's going to be very special.
"It's just been received so beautifully and it's an amazing thing for any athlete, but to be the first athlete from Australia is something that no one can ever take away from you."