The Queenstown Lakes District Council's bank account will be $2.46 million healthier this morning, with Queenstown Airport Corporation's first dividend payment having been transferred overnight.
The airport announced the dividend last week, which was due in part to a strategic alliance between Queenstown and Auckland International Airports.
The alliance, announced last July, raised $27.7 million new capital for QAC by creating and selling a 24.99% new shareholding to Auckland.
The airport had a total dividend payment of $3.28 million, $821,000 of which has been paid to Auckland airport overnight.
Chief executive Steve Sanderson told the Otago Daily Times yesterday it was "fantastic" to give something back to the community with the knowledge the money would be used to help the council reduce its debt levels.
An interim $1 million payment was due in about six months, with about $750,000 of that going to the council on behalf of the community and the remainder going to Auckland airport, in line with its shareholding.
A second $1 million dividend would be paid after the end of this financial year, before the 50% of net profit after tax was also divided up according to shareholding, Mr Sanderson said.
"The key message really is that in line with comments [made by Mayor Vanessa van Uden] about diversifying areas [of future funding sources], this is now one of those funding streams.
"It's a good day."
