A key part of the revitalisation of Tauranga's CBD reached another milestone this week, with the first payment made from Bay of Plenty Regional Council's Regional Infrastructure Fund to the University of Waikato.

The payment, of more than $1 million, will be used by the University towards infrastructure costs for the project.

The multi-million dollar development will provide Tauranga with a world-class campus and education offering attracting local, national and international students and is due to be completed in 2019.

Bay of Plenty Regional Councillor John Cronin says the University of Waikato campus is a game changer for Tauranga and the whole Bay of Plenty.

'Having excellent education tailored to the needs of business and the planned growth has the potential to be the biggest opportunity for our region since the Ports of Tauranga,” says John.

'The opportunity to have up to 1,000 full time students, and more when stage 2 is developed, ensures that we can take advantage of opportunities for business, science, aquaculture and other sectors.

'I'm proud that Bay of Plenty Regional Council had the vision to invest $15 million dollars to help make this happen.”

The project is jointly funded by the Bay of Plenty Regional Council, Tauranga Energy Consumer Trust, Tauranga City Council and the University of Waikato.

Tauranga City Council provided the land, TECT and Bay of Plenty Regional Council is each providing $15 million.

Senior Deputy Vice-Chancellor Professor Alister Jones says the University of Waikato is committed to increasing research and education opportunities for the people of the Bay of Plenty.

'We're working closely with tertiary partners Toi Ohomai and Te Whare Wananga o Awanuiarangi to achieve this and with the significant support of regional funders, the Tauranga CBD Campus will provide a state of the art facility that will enable many more young people to study in the Bay.”

Bay of Plenty Regional Council's contribution is part of the Regional Infrastructure Fund.

This fund has already contributed to the development of the Tauranga Marine Precinct, and has allocated funds towards the Opotiki Harbour Development and SCION Innovation Centre in Rotorua.

The Regional Council's planned total investment on these four projects is $42.5 million, which has enabled significant investment from other parties and will lead to job growth and economic development.