The Victoria Airport Authority is hoping to have a deal in place with the federal and provincial governments by the end of May to finance the extension of the airport's main runway.
That was the message from authority president and CEO Richard Paquette yesterday, during a public meeting to discuss the airport's financial situation and progress with a pair of infrastructure projects.
Calling the runway extension a "top focus," Paquette told the meeting the authority has met with the two levels of government and had positive feedback, though there has been no monetary commitment as yet.
"This depends entirely on the province and federal governments," he said of the $41.2-million extension. "It was received with interest, and let's say it wasn't on the province's radar list yet."
The authority has proposed an even three-way partnership to pay for the runway, and Paquette says they are hopeful it can be finalized by the end of May, which would allow for the start of construction in January 2010.
"Everything is possible -- the May date is our objective and a date we see as necessary if this thing is going to carry forward in an expedited way," he said, noting the authority expects to have completed its impact studies by the end of April, by which time it will have spent $500,000 in preparation.
The runway extension is seen as key for the next phase of growth for the airport.
If it was extended to 2,560 metres from 2,133 metres, a fully loaded aircraft could take off with enough fuel to get to England.
According to an economic impact study prepared for the airport authority, the extension's spinoff effects include 32,700 more international visitors annually, an annual $10-million injection into Victoria's economy and the creation of 64 new jobs.
"It would be a benefit not only to Victoria but to 91原创 Island," Paquette said.
After fielding questions on the extension's environmental impact, effect on Sidney residents and noise and light pollution, Paquette noted the authority has undertaken a series of studies to answer each of those questions, adding a public meeting with Sidney residents is scheduled for
April.
Paquette also touched on the authority's other pet project, a $23-million overpass to replace what is considered a dangerous intersection at the Patricia Bay Highway and McTavish Road.
The authority has committed $3 million to the overpass project and is looking for assistance from the two senior levels of government.
Paquette said he is optimistic, though he vowed the authority would press for improvements to the intersection even if there is not enough funding for an overpass.
Though the authority is not in a financial position to go it alone on the overpass, it is in good financial
shape.
According to its unaudited financial statement for 2008, the authority saw revenue increase 10 per cent last year and its net income increase 16.2 per cent to $2.8 million.
Long-term debt is $15 million, which it intends to pay off in seven years.
The airport also set a record with 1.54 million passengers walking through its gates in 2008, up from 1.48 million in 2007.
Paquette said the authority is looking at new routes and direct flights to
London; Winnipeg; Prince George; Kamloops; Los Angeles; and eventually Palm Springs; Phoenix; and Hawaii, as well as increased frequency of flights to Toronto.
