The CEO of Waterford Council has moved to assure councillors that plans are in place for significant investment at Waterford Airport.
An investment by Galway based billionaires, the Comer Brothers, could pave the way for the return of commercial flights from Waterford for the first time since 2016.
The investment is likely to see work begin on a runway extension and other developments to the airport such as a solar farm.
Speaking at this month's Plenary Council meeting, CEO Michael Walsh said there will be a proposal on the table in the coming weeks.
"There is a proposal on the table in terms of investment in the airport. I had hoped to be able to bring it to ye in greater detail. The essence is a substantial investment in the airport which would allow for an investment in the runway and further infrastructure improvements. It is subject to your agreement and it will require government support. People will be aware of the €5m grant that was previously made available. That will have to be re-affirmed, is the way I would describe it."
Mr. Walsh says a tri-party heads of terms has been signed, and that will lead to a contract that will be brought to both shareholders and the Council before it is officially signed upon.
"Once of all those come together - maybe at the October meeting or quite possibly at a special meeting before then, I will be putting terms and everything forward in terms of contract in front of you."
The Comer brothers from Galway have reportedly agreed a €20m deal to buy a majority stake in Waterford Airport.
It’s understood that Waterford Airport has already initiated project work for a new runway extension as it seeks to restart scheduled commercial services.
The Government has pledged €5m towards the runway bill, while the three local authority co-owners, Waterford, Kilkenny and Wexford Councils - have agreed to stump up €2m.
Ryanair and Aer Lingus Regional are believed to be in discussions to provide services from the airport.
Ryanair's first ever services launched from the Deise in 1985 before they ceased operating from Waterford in 1992.
It's believed that developing a hotel and warehouses are also part of the unconfirmed plans - which could see the airport become an air freight support hub as well as expanding existing industries in the local area.
Majority shareholder in Waterford Airport, Mr. William Bolster is set to retain a significant share in the base and will be involved in the development efforts.
The county councils of Waterford, Kilkenny and Wexford are set to see their share sizes decrease with a large number of smaller shareholders set to include Dawn Meats and Coolmore Stud among other businesses.
Under the proposed development programme, Waterford Airport will ideally serve 1,120 outbound flights per annum.
It has also been earmarked that a solar energy farm is being planned beside the airport - which would see the airport powered by the solar farm and any surplus electricity will be then sold to the national grid.
