Chair John Coupar said if approved, the zipline would only be temporary, likely running from the end of May through September.
It will likely cost a rider between $15 to $20 to strap into a harness and zoom 190 metres down a cable suspended over Queen Elizabeth Park's manicured gardens.
Coupar notes while the zipline will be paid for and run by a private company, the city would get a share of profits if the zipline generates more than $75,000 in revenue.
"Basically it's a cost-sharing in terms of the revenue. We don't get any money until it reaches a certain level to pay back cost of installation."
Some people have raised concerns about the effect the zipline could have on the park, but Coupar dismissed those fears, saying since it runs on gravity, there will be no motors and very little noise.
"It's right in the middle of Queen Elizabeth Park, there's no adjacent housing that would hear it, I'm quite sure of that ... It has a very small footprint on the park. When it comes out, you'll never know it was there," he said.
He adds the zip-line would not run during early mornings or late evenings.
During the 2010 Olympics a zip line set up across Robson Street in downtown Vancouver was popular, but admission was free. Permanent ziplines are in operation on Grouse Mountain and near Whistler.