Council chiefs in Leeds have pledged that a £51m windfall from the sale of Leeds-Bradford Airport will be used to back several big projects in the city.
The airport has been owned by the five local authorities since 1987
The money allows the city council to give the go-ahead to a new concert arena, a city centre swimming pool and a school rebuilding programme.
It will also release funds for road repairs and urban regeneration schemes.
Council leader Mark Harris said: "We would have been unable to deliver many of these without the airport windfall."
Leeds Bradford Airport was sold to Bridgepoint Capital in April in a £145.5m deal after councils in Leeds, Bradford, Calderdale, Kirklees and Wakefield agreed to sell their stakes.
Mr Harris said: "Now that the sale has been concluded, we will ensure that the windfall is invested wisely in projects that will have a lasting benefit for all the people of Leeds.
"Our aspirations for a much-needed arena facility for the city will benefit from public sector investment of up to £20m. Our contribution is made possible from the sale of airport.
"Our £250m school rebuilding programme will be supported by the airport windfall, with the council contributing £19m to this critically important development for young people in the city.
"The state of the city's roads has been a long cause for debate and the receipt will contribute to our £60m commitment to invest in highway refurbishment and deal with the longstanding backlog of repairs.
"Other projects made possible by the confirmation of this receipt include our £13m investment on the regeneration of our towns, district centres and parks; the £18m investment with our partners on the refurbishment of the Grand Theatre and the City Varieties and the £1.5m we have agreed to contribute towards a city centre swimming facility."