Starting Jan. 1, The County of Simcoe will become the majority shareholder of the Lake Simcoe Regional Airport.

At the Aug. 13 county council meeting, members agreed to buy 50 shares from Barrie for $3.7 million and 20 shares from the Township of Oro-Medonte for $1.5 million.

That agreement means the county will own 90 per cent of the airport, with the City of Barrie keeping a 10-per-cent stake.

“Our investment in the Lake Simcoe Regional Airport will allow us to capitalize on future opportunities that help drive our economic prosperity, create jobs and enhance transportation options for our residents,” Warden George Cornell said.

The deal means the county can swoop ahead on a $65.9-million expansion to the airport.

Last April, airport shareholders introduced a new strategic plan that would see it transition from a small community airport to a larger regional network hub.

The plan would help it stay competitive, as other regional airports near the GTA, such as Waterloo, Hamilton and Peterborough, are also making investments in their infrastructure.

The first phase of the proposal — which would cost about $27.5 million — includes a runway extension to 7,000 feet from 6,001. The runway would also be widened to 150 feet from 100.

A second phase includes enhancements to charter services. The final phase would require the construction of other infrastructure, including an air terminal.

In July, Oro-Medonte corporate services director Donna Hewitt said the township was not in a financial position to provide the investment required for an airport expansion in the next one to two years.