Until now, the council has refused to disclose the cost of the 328ha, which had a rateable value of $2.22 million when it went on sale November last year, because Mayor Peter Chin said funding issues had to be worked through.
It appears the block was not purchased with reserves or using any special fund, but it was an authorised "overspend".
To date, the council has not received any Government funding for it, although this has been sought by Dunedin South member of Parliament David Benson-Pope.
Figures from the draft annual plan in February showed the purchase could cost ratepayers $2,730,000 over 10 years.
The net effect of the purchase on rates this year was estimated to be $246,000, with a further $276,000 for each of the following nine years.
Cr Cull, who heads the steering committee considering the future of the block, said the almost $13,000 in donations received for the purchase would not be offset against the cost.
It was decided the money should be used for specific projects so the donors' "extraordinarily generous public spiritedness" could be recognised in a tangible way.
The council officially takes possession from the Maori incorporation Proprietors of Akapatiki A Block on July 1, and the steering group is planning a gala day on Sunday, July 6, to celebrate.
Free shuttle buses will take people from Portobello to the site in Highcliff Rd, where they can fly kites, go on guided walks around the base of Harbour Cone, and hear the story of Hereweka (Harbour Cone ) from members of the runanga.
