The National Trust has taken on the responsibility for repairing a collapsed footbridge.
The Tumbling Bay Weir bridge over the River Wey in Guildford fell apart in 2019 after heavy rain.
The trust has been in discussions with Guildford Borough Council (GBC) since then over who needed to fund the project.
The charity said the council could not assist due to "financial challenges".
GBC said the National Trust was responsible for maintaining the Weir.
The bridge forms part of the towpath between Godalming and Guildford, and the section through the town has been unusable ever since it collapsed.
Martin Giles from online news website The Guildford Dragon News said people had "really felt the impact of this closure", particularly cyclists and walkers.
"In these days when we're trying to get people out of cars and away from roads, it's causing an even bigger nuisance," he told BBC Radio Surrey.
GBC's lead councillor for regeneration Tom Hunt said it was "good news" for residents and visitors that the National Trust was "taking charge of the bridge".
The trust said it would commission feasibility studies and surveys next year and understood "the importance of finding a resolution to the issue".
"The outcomes of this work will inform design proposals, as well as looking at potential options for a temporary solution," it added.