The Central Otago District Council this week agreed to transfer ownership of the hall to the community for $1, with a lease of $1 per year after that, ratifying an earlier decision by the Teviot Community Board.
Hall committee chairman John Clark said people in the town were "quite happy" to have ownership of the hall.
He said it was not used often, but there had been a few successful events in the past year, such as a midwinter ball in July.
"It’s for future generations. There are quite a few young people here now working in the area."
A major project for the committee was to reclad the building, the outside of which was weather-damaged.
It had raised about $11,000 for the $50,000 project and would also seek funding through grants.
No other renovation or earthquake strengthening was required, he said.
Committee member Janine Gunn said it had "amazing support" from the wider community in its fundraising.
The committee wanted to remind the community the hall was "there to be used", she said.
At a council meeting this week, Cr Martin McPherson said there was no risk to the council: if the committee did not do what it set out to do, the building would return to the council.
The lease is for 33 years and requires the community to maintain the building and keep its use as a community hall.
The committee is in the process of creating an incorporated society.
Last year, the Teviot board considered selling the hall due to minimal use, but this rallied the community to hold public meetings about its future. The community decided it wanted to gain ownership.
The hall was built in the 1950s when the village was created to house the workers building the Roxburgh Dam.
