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The policy was considered by the council at its full meeting in Queenstown on Tuesday in a public-excluded discussion.
In a statement yesterday, council regulatory and corporate services general manager Roger Taylor said the council had approved the policy, which would act as a guide to Queenstown Airport shareholders on the expected cash returns to the community.
Queenstown Airport chief executive Steve Sanderson told the Otago Daily Times the first $2 million payment would be paid after the end of the current financial year, once the Queenstown Airport operation's accounts were finalised and audited.