Officials have penned a $5 million agreement that will provide funding to the Tauranga Marine Precinct project.

The deal, between Tauranga City Council and Bay of Plenty Regional Council, was signed yesterday, with the latter providing funding through its $42 million Regional Infrastructure Fund.

Bay of Plenty Regional Council Chairman Doug Leeder (left) and Tauranga Mayor Stuart Crosby sign the Tauranga Marine Precinct funding agreement. Photo: Supplied.

The fund was set up to support and promote economic development in the region, and has been allocated to four major projects in the Bay of Plenty.

Regional Council Chairman Doug Leeder says he's looking forward to seeing the potential benefits the Tauranga Marine Precinct has on the wider community.

'It's through projects such as these that we hope the Regional Infrastructure Fund can benefit the region,” says Doug.

'Our support will help protect the local marine industry, create opportunities for economic development and, in turn, contribute to jobs remaining here and being created here.

'It's an important step in preventing the loss of skill and knowledge from the region.”

Mayor Stuart Crosby said Tauranga City Council are proud to be leading the development of the Tauranga Harbour Marine Precinct.

'This project connects us to our strengths,” declares Stuart.

'Through it we're leveraging our advantages in terms of location, of connectivity to the region, the country and the world, and our already strong marine industry.

'This is Tauranga truly embracing its entrepreneurial spirit.

'With the growth of our city, this is the kind of project we need to support our networks and businesses, offering them real opportunities and an inspirational future.

'We look forward to seeing the precinct set up and in action soon.”

The project will now begin the procurement of the travel-lift and consequently the sale of eight lots within Stage 1 of the Marine Precinct's development, with funds to be reinvested in the further development of the precinct.