Businesses that are considering opening up shop near the Kamloops Airport now have a little more assurance.

The Kamloops Airport Society has announced an extended lease agreement between Vantage Airport Group and operator Kamloops Airport.

The current lease, which was signed in 1997, was due to expire in 2042.

Society president and Kamloops councillor Bill Sarai says the 20 year extension will take it through 2062. “The longer the lease, the more they’ll invest into it.” Sarai says it provides clarity for borrowing. “When we’re talking to developers, when they go to leverage their equity or financing from the financial institutions, a 20 year lease just doesn’t do it justice to put up a Grade A building. And that’s a building we’re looking for.”

Sarai says they have rezoned nearly 300 hectares of land at Kamloops Airport, with the goal of allowing a broader range of commercial, industrial and airport-related uses in the future. He notes there is one particular plot that has a very specific use in mind. “We have a good chunk of land that has access to a runway. So we’ve zoned that specifically for relation to anything to do with airlines and aeronautical operations.” An aircraft maintenance operation is an option and it would take some of the pressure off of Kelowna’s Airport.

The rest of the 100 acres, there’s comprehensive zoning that we did last year that could almost house any type of business that is feasible for light industrial, commercial, including daycares, hair salons, coffee shops, etc. “If you have a valid business plan and you have a desire to be close to the city and at the airport, we we will have a zoning specifically for you, including a hotel.”

“A piece of land has already been identified where a hotel would go. We’ve already identified where a convenience store gas bar would go. We’ve already identified specific area where some recreation can go, indoor recreation. So it’s very unique. It’s a it’s going to be one of those business plan business parks, light industrial that hasn’t been seen in our area in a long time.”

“So now that the long term lease is signed, there is some surety there that not only is it good to 2062, but this lease also addresses that if there’s an opportunity for a hotel that may need a longer term lease to be financially viable, we as a society can backstop that lease to a longer term that wouldn’t be for everybody. It’d be one off, depending on what the business is.”

“It’s going to be game changer. In the next five years, you’ll see a bunch of improvements.”