Auckland council stands to make around $100 million in a planned capital return of $454 million from the city's airport.
Auckland International Airport plans to return $454 million to shareholders by way of a share cancellation, with 60 per cent of the payment to be treated as a taxable dividend.
The company will seek shareholder approval in February for a scheme of arrangement to cancel one in 10 shares at $3.43 each.
It requires approval of at least 75 per cent of voting shareholders and the company would then seek final High Court clearance in March, with the return of capital aimed for mid-April.
Auckland Airport chief financial officer Simon Robertson said the super city owned 22 per cent of the company and were in line for just over $100 million.