In September 1997, the Queenstown Lakes District Council instructed the Queenstown Airport Corporation to accept a deal with Remarkables Park Ltd to exchange 33.1ha of land.
As part of the deal, Remarkables Park Ltd withdrew its Environment Court appeal.
That allowed work to begin on the airport's 392m runway extension.
At the time, an independent valuation revealed the council-owned airport land to the south, valued at $900,000, was worth $155,000 more than the Remarkables Park land to the north.
Before the deal was completed, Remarkables Park Ltd director Alastair Porter told the Otago Daily Times the airport company was receiving at least as good a deal in terms of land value as Remarkables Park.
"I strongly believe the Queenstown-Lakes District Council has taken on board the wider picture . . . taking a district wide perspective," Mr Porter said.
Last month, the ODT revealed the airport was in discussions with Remarkable Park Ltd for 22ha of land in the southeast for an airport extension.
Half of the 22ha wanted by the Queenstown International Airport was land swapped as part of the 1997 deal, Mr Porter confirmed yesterday.
He said another land-swap deal with the airport was possible, but negotiations would not continue until chief executive Steve Sanderson returned from overseas.
Attempts to contact Mr Sanderson were unsuccessful yesterday.
Negotiations between the two parties are expected to resume next month.
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