County of Simcoe lands majority shares of Lake Simcoe Regional Airport
Published Tuesday, August 13, 2019 6:13PM EDT
Last Updated Tuesday, August 13, 2019 6:44PM EDT
The County of Simcoe is taking over the controls of the Lake Simcoe Regional Airport.
Council gave the green light to purchase Barrie and Oro-Medonte's airport shares, giving the County 90 percent ownership.
Barrie will become a minority shareholder with just 10 percent and Oro-Medonte sold its entire 20 percent stake.
The County plans to move forward with some much-needed upgrades at the airport, plans both municipalities were not in a position to cover at an estimated cost of $40 million.
The deal means the County will also take over airport operations with both Barrie and Oro-Medonte remaining on the airport board.
As of January 1, 2020, the County will officially become the majority shareholder and plans to have shovels in the ground to expand the airport by 2021.