A DEAL THAT is meant to get one of the country’s regional airports up and running for commercial flights for the first time in a decade is set to come before local politicians in Waterford tomorrow.

Councillors are to vote tomorrow afternoon on whether to hand over 207 acres at Waterford Airport and hand them over to the operator.

The lands are currently owned by Waterford City and County Council.

The approval of the land transfer looks increasingly likely, as local politicians are told that it will allow private sector investment worth up to €30 million.

But there has been unease over the proposal as politicians are not allowed to have confirmation of the mystery investor before they cast their vote.

In a briefing document circulated this week by council chief executive Seán McKeown, there were attempts to reassure councillors over the land deal.

According to an independent valuation, the lands are estimated to be worth €2.295 million but will handed over at a cost of just €50,000.

It’s hoped that this will allow a mystery US investor to enter the fray and pump the promised €30 million to make the airport viable, similar to Knock in Co Mayo or Shannon in Co Clare.

Private flights and aviation training are currently run from the airport but it has not had a commercial flight since a route to Luton closed in 2016.

McKeown confirmed that the investor has “significant business interests” in the US but will “remain confidential” for the upcoming period.

He also told councillors that the investor will undergo Foreign Direct Investment (FDI) screening by the Department of Enterprise, Trade and Employment as they are a non-EU investor.

When contacted, the department told The Journal that it does not comment on FDI screenings with specific individuals.

Accoridng to McKeown’s briefing document to councillors, seen by The Journal, the proposed works consist of a long-planned extension of the existing runway by 491 metres at its northern end and 363 metres at its southern end.

This will result in a total runway length of 2,287 metres – it’s hoped this will attract larger commercial airlines.

A widening of the existing and extended runway from 30 metres in width to 45 metres features in these works, which will cost the €30 million that councillors are told will be put up by the US investor.

Construction of a new 205 space car park will also take place under these proposals.

As a way to guard against the works not taking place and get the approval of councillors for tomorrow’s vote, McKeown stressed that the “majority of the lands” will be restricted to aviation-related uses for a period of 50 years.

There will also be an anti-embarrassment clause in the contract to help protect against losses for the council. Therefore, should Waterford Airport Ltd dispose of the lands within a period of seven years, 50% of any realised net profit on that potential sale would have to be paid to the council.

If the works go ahead, it will bring an end to major uncertainty around the future of the airport.

There was a glimmer of hope two years ago when the airport received a commitment of €12 million from the Comer Group, run by billionaire brothers Luke and Brian Comer, with the money going towards the runway extension.

Waterford City and County Council confirmed this month that the Comers were no longer interested in progressing their investment plans for the airport and that the plans had moved to the mystery US investor.

Inflation meant the cost of the expansion has doubled and now amounts to around €30 million. Half of that funding had been sought from the Government since 2016, but talks repeatedly fell through as the overall cost increased.