The City of Barrie no longer owns a majority of ownership interest in the Lake Simcoe Regional Airport (LSRA).
Simcoe County Council approved the purchase of the LSRA shares on Tuesday, reducing the City of Barrie’s ownership of the airport to 10 per cent.
“Securing an ownership and associated funding model to accelerate key infrastructure improvements required at the Lake Simcoe Regional Airport sends a strong and clear message to investors that the City of Barrie and County of Simcoe are committed to developing high quality employment opportunities at LSRA,” Barrie Mayor Jeff Lehman said. “Transitioning ownership allows for the County and City to strengthen the position of the Lake Simcoe Regional Airport as a regional transportation asset and poises the airport to deliver on its strategic plan that requires significant investment in infrastructure.”
The City of Barrie will continue to play a role at the airport through representation on the LSRA Board of Directors, the Southern Ontario Airport Network and Mayor Lehman’s participation on the Southern Ontario Mayors Aerospace Council (SOMAC).
“Our reduction in shares does not change our commitment to working to ensure our area is well-positioned to attract investment in the aerospace industry,” said Stephannie Schlichter, Director of Business Development at the City of Barrie. “We will continue to work with our partners at the County of Simcoe to promote investment opportunities to the LSRA, and will continue to work jointly with our existing leads.”
Transaction of the shares from the City of Barrie to the County of Simcoe will be effective on Jan. 1, 2020.