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Jet aircraft capable of reaching Calgary and California may soon be taxiing to a stop only a stone’s throw from Bay Street under an ambitious multi-billion dollar plan proposed Wednesday by upstart air carrier Porter Airlines.

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On Wednesday the airline announced it was prepared to put up $2.29-billion to purchase as many as 30 Bombardier jet aircraft, with an eye to basing them at Billy Bishop airport, a waterfront terminal just metres from Downtown Toronto.

That is, if the feds, the City of Toronto and the Toronto Port Authority agree to break a 30-year-old agreement banning jet engines at the small island airport.

The parties would also need to approve a controversial plan to add infill to Lake Ontario in order to expand the airport’s main runway by 168 metres on each end.

“This is conditional on us having these two changes,” said Don Carty, Porter’s chairman.

Founded in 2006, Porter offers only short-haul flights — typically no longer than two hours — using its fleet of Bombardier-made Q400 turboprops. With jets, the company is promising new routes to Vancouver, Los Angeles and even the Caribbean.