Tauranga City Council has finally rid itself of the financial burden of Route K, as it and the NZ Transport Agency today announce a transfer of ownership.
In a statement released this afternoon, the council has stated the ownership of the highway bypass will be made about July 1, 2015 - subject to statutory approvals.
Route K will then officially become part of the State Highway Network.
Tauranga City Mayor Stuart Crosby said the result has come after three years of discussions with the agency.
"The main focus for us has been on reducing future risk. This agreement reduces the city council's risk in terms of our outstanding debt and future operational and maintenance costs."