City Selling Off Controlling Interest in Regional Airport

Proceeds of Sale Would Finance Airport Improvements

Barrie is selling off its majority hold on the local airport in order to make the airstrip better.

Barrie City Council gave the preliminary nod to selling off most of its shares in the Lake Simcoe Regional Airport to the County of Simcoe, using the proceeds of the sale to help finance the airport’s expansion. The City holds 60% of shares, while the County and Town of Oro Medonte both own 20%. Once the sale is complete, Barrie would only own %10, the County would hold seventy. The transaction would leave Barrie with $3.7 million, funds that would further the expansion of the airport.

In order to make the airport more usable for the companies expressing interest in flying out of it, the runway needs to be increased to 7,000 feet and widened to 150 feet. More wastewater solutions are also required.

While the sale was given initial approval at City Hall on Monday night, the vote would have to be ratified at next week’s City Council meeting.