In a lighter moment, Mr English joked that there were conditions to the fund, including re-electing the National Government this year.
On a more serious note, he said the heritage category 1 building would have to be strengthened to 75 per cent of the current New Zealand standard, and the council would need to raise the additional funds.
He acknowledged Sir Selwyn Cushing for his strong advocacy for Hawke's Bay and significant contribution he had already made to the Opera House.
"This is what holds our communities together. There's no doubt that a vibrant culture and arts scene attracts people."
He also noted that Tukituki MP Craig Foss, and Hastings Mayor Lawrence Yule had been strong advocates for the project as well.
Mr Yule welcomed the announcement and also acknowledged the dedication and generosity of those involved with the Opera House to date.
"We're on a new journey - there is a lot to do, this old lady has been closed for too long and now we have the resources to make it happen."
The building was closed in 2014 after engineers found the 12-metre side walls of the theatre could collapse on an audience during an earthquake.
Subsequent community consultation about the future of the building was undertaken and in May 2016 more than 3000 submissions were received - the most the Hastings District Council had received on a single issue using the submission format.
The submissions overwhelmingly supported restoring the building and in February this year Gemco Construction was selected to complete the construction, which was expected to start in August and take about 18 months.
First opened in 1915, the Hawke's Bay Opera House was one of the last remaining theatres in New Zealand built by Henry Eli White (1876-1952).
It was also one of the earliest buildings designed in New Zealand using the Spanish Mission style, and the lavish Art Nouveau interior was also important, being probably the largest and most complete example of its type in New Zealand.
The NZ Historic Places Trust noted that the first performance was given by the Hastings Operatic Society, but it was also used for movies, theatre, musical performances, and also a boxing match in 1922.
The building survived the Hawke's Bay earthquake in 1931, however, major
reconstruction and modification was undertaken to strengthen the building.
In the late 1980s and early 1990s the theatre underwent considerable refurbishment, and in subsequent years alterations were made to other parts of the building.
In 2007, a retractable fabric roof supported by triangular steel trusses was constructed over the plaza area.
Arts, Culture and Heritage Minister Maggie Barry said the Opera House was an important venue for touring performers and this major investment by the Government would help future-proof it as a cultural hub for Hawke's Bay.
"A re-opened theatre represents a wonderful economic opportunity."