Te Ahu Charitable Trust chairman Mike Mitcalfe said Mr Rae's death had been a huge shock. Having played an important role in the trust's early days, he had recently returned to it, and had been expected to make a major contribution to achieving many of its aspirations.
"His experience, business nous, all that he brought to the trust was very valuable. He is going to leave a huge gap," Mr Mitcalfe said.
"On behalf of the trust I would like to extend my aroha and condolences to his family."
Mr Rae is survived by his wife Doreen, children Heather, Joanne and Stephen and eight grandchildren. The family has asked for donations to the Northland rescue helicopter in lieu of flowers.
Acting Far North District Council CEO Colin Dale has confirmed that a by-election will be called for the community board.