Ratepayers in the Mackenzie district have had their investment in the purchase of land for Pukaki Airport repaid in full.
The Pukaki Airport Board has repaid the council $530,000 from the proceeds of the first stages of development at the airport.
This sum includes the original $50,000 paid by the council to the government in the 1980s and the land around the airstrip purchased from Ben Ohau Station.
Working capital for the initial 33-section subdivision was provided by the council to the board at commercial interest rates, and has also been repaid.
Acting board chairman Bruce Anderson said that when the council had looked at developing the airport, it had not envisaged its original investment being repaid so soon.
However, the board had been very successful in marketing and selling sections at the airfield.
Mr Anderson said the council recognised the board needed the capital it had raised for further development and operation and this money was being retained specifically for the airport.
Titles were issued for stages 1 to 4 earlier this year, and this had triggered the payment of the balance of land purchase contracts, worth almost $3.5 million.
The board was developing a further 20 sections (stages 5 and 6).
A study to investigate the widening and lengthening the existing runway has been authorised.
