Hartlepool Borough Council has officially adopted the Harbour Walk and Navigation Point highways and the large car park at the marina from owners the Mandale Group.
An initial £50,000 will be spent on improving street lights and block paving befor
e next summer's major event.
A five-to-10-year plan will also be produced that could see up to £500,000 being spent on improving the highways, footpaths and street lights.
The move, which was approved by Councillor Peter Jackson, follows a long history of negotiations between the council and developer.
It also means that there won't be any car parking charges at the marina, something the Mandale Group were looking to introduce.
A one-way system, the details of which haven't been released, will also be introduced in Harbour Walk to ease the amount of traffic using it as a through road, subject to a period of consultation.
Dave Stubbs, the council's director of neighbourhood services, said it was necessary to adopt the marina as the highways in particular are of a "very poor standard".
He added: "We are adopting the marina to bring it up to standard over a period of years.
"There are a number of defects that are not acceptable and we will repair them immediately at a cost of £50,000. There is about £500,000 of improvements needed to take place over a period of time but they are not immediate.
"It is important to note that there won't be any parking charges introduced in that area, which the owners were about to do.
"The economic climate is such that we need to encourage as many people down to the marina as possible."
The initial £50,000 will be used to repair the most urgent areas including replacing street lighting, general patching and block paving work.
The adoption does not include the sewers, which will remain the responsibility of the developer.
A report to the meeting said that because the marina had important business, leisure and tourism links it was "vital that the council obtain control of the maintenance and cleansing of the area in order to ensure that it is maintained to the highest standards possible".
Coun Jackson, portfolio holder for transport and neighbourhoods, said: "It is disappointing we are having to adopt it and then spend £50,000 immediately on minor works with the probability of £500,000 over the coming years.
"But with The Tall Ships' Races coming next year we have to do something and although it is disappointing, it is the right thing for the council to do."
The Mandale Group first approached the council in 2002 about the possibility of adopting the highways.
The handover takes place on Friday and from then on the responsibility and costs of all future maintenance will be met by the council.
