Residents of Kingston, Ont., have been invited to submit feedback online until Jan. 20.
A brainstorming session was also scheduled for city hall on Wednesday evening, with the mayor, members of council and city staff expected to attend.
The city has suggested renaming a downtown street as Tragically Hip Way, or paying tribute to the band with a public asset in a newly redeveloped area of the city.
After soliciting feedback from the public, city staff expect to finalize a report on the initiative early this year.
The Tragically Hip's last record, "We Are the Same," was released back in 2009. It opened at No. 1 on the Canadian chart en route to platinum sales — a commercial milestone reached by all of the group's studio albums.
On the web: Submit your idea to honour The Tragically Hip in Kingston http://bit.ly/w5leKx