Read the TimeOut 2004 story about the album's 25th anniversary here
Label boss Bryan Staff called the belated award a fantastic achievement.
"Dylan Taite was a friend whom I respected so this is a great honour," he said in a statement.
The awards, now into their fifth year and held in honour of the late rock journalist they're named after, will be held at Auckland venue Galatos next Wednesday.
They are judged by critics and industry experts.
This year's nominees include albums by Beastwars, Sheep Dog & Wolf, The Phoenix Foundation, David Dallas, @peace, Lorde, Jonathan Bree and Unknown Mortal Orchestra.
The winner receives $10,000 and free studio time at Red Bull Studios. Previous winners include Lawrence Arabia, Ladi6, Unknown Mortal Orchestra and SJD.
The awards are invitation-only, but the full ceremony will be live-streamed on nzherald.co.nz.
Tune in from a computer or your phone next Wednesday to watch the ceremony, plus a 30-minute set from last year's winner, SJD.
Listen to Five tracks that feature on AK79
Warning: Some songs contain explicit language.
- TimeOut