Ponoka is selling its airport for $385,000.
The sale, to be completed by April 15, includes the option for the town to buy back the property from the Ponoka Flying Club — at the same price, plus inflation, within a 25-year time frame — should the land no longer be operating as an airport.
“Council is pleased that we have a buyer that is highly motivated to continue operating the airport for the benefit of local aircraft owners and for our community as a whole,” Mayor Rick Bonnett said in a press release.
“Council’s decision was made in the interest of the efficient operation and future development of the airport, and is in the best interest of the public.”
Also in the release, flying club spokesman Neil McLaren said the group will assume all existing leases and subdivided lots, which it will continue to offer for sale.
Any revenue will be directed toward operations and improvements, while an annual financial report will be provided to the town.
According to the release, the sale will reduce the town’s finanical contributions and liability for the airport, while recovering money that’s been previously invested.
The money from the sale will be put into the town’s development reserve, which translates into a replacement of the $385,000 the town spent on an extension of the taxiway in 2018.
The town bought the airport in 1968 for $26,300.