The Canadian Press - ONLINE EDITION

St. John's, N.L., airport announces $243 million expansion over 10 years

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ST. JOHN'S, N.L. - The airport authority in St. John's, N.L., says it will spend $243 million over the next 10 years to improve and expand the city's international airport.

The St. John's International Airport Authority says the project will see the main terminal double in size and parking lots and roadways will be expanded.

The authority says safety upgrades will also be made to the airport's taxiways, aprons and runways and improve the airport's accessibility in low-visibility conditions through the installation of the Category III instrument landing system by Nav Canada.

The first phase of the project will begin this summer and is expected to be completed by the end of 2017.

The authority says financing the project will mean a plan to take on additional long-term debt, with additional funding of $82.5 million secured through a private placement bond and other credit facilities.

The airport's main source of revenue to finance the long-term debt is the airport improvement fee paid by passengers, which will increase from $20 to $30 beginning Aug. 1.

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