$9.1 billion expansion plans for YVR

Vancouver International Airport is embarking on a $9.1-billion upgrade to the facility in Richmond.

YVR president Craig Richmond announced the expansion plans at a groundbreaking event with B.C. Premier John Horgan and stakeholders Thursday.

The $9.1-billion cost estimate, which takes inflation into consideration, will cover 75 major projects over a 20-year-span. YVR said those projects include a GeoExchange system, which is a heating and cooling system, significant terminal expansions and new parking options. There will also be improved vehicle-rental facilities and a renovation that will feature a forest inside the terminal.

The airport authority added that the construction will create thousands of jobs for local residents.

Money for the projects comes from the airport’s not-for-profit operating model, which doesn’t receive government funding, YVR said. Funding comes from landing and terminal fees, concession, parking and rent, as well as the airport improvement fee. YVR said it will maintain its AIF of $20. Passengers in B.C. and Yukon pay $5.

“We are experiencing record growth at YVR as we deliver on our mission to connect B.C. proudly to the world and these ambitious expansion projects will further position YVR as a world-class connecting hub,” said Richmond in a statement.

YVR saw passenger numbers rise by 8.4 per cent in 2017 compared with 2016 (or 1.9 million more passengers.)

At the time, YVR said that made the airport North America’s fastest growing and said it wanted to build on the $5.6-billion YVR 2037 long-term plan that it unveiled a year ago.