DIVERSIFYING REVENUE THROUGH STRATEGIC DEVELOPMENT In addition to aeronautical fees, Thunder Bay International Airport is pursuing land development opportunities that could reshape its financial model while creating jobs for the surrounding community. “We’ve got some land development opportunities on airport property that we’re looking at pursuing,” MacDonald says. “It could be anything from hotel properties to business park type of properties or airport-adjacent business.” The strategy allows the airport to leverage its proximity to highway corridors and existing infrastructure while generating steady lease revenue independent of passenger fluctuations. Graham Ingham, President and Chief Executive Officer, frames the approach within a broader vision for community benefit. “It’s also important to note that this type of development is good for the community too,” he says. “It’s revenue for the airport and helps us diversify our revenue streams, but it also brings jobs and tax revenue for the city of Thunder Bay.”This dual-benefit model aligns with the airport’s status as a non-profit organization, where financial sustainability directly supports operational excellence. MacDonald outlines a careful evaluation process for potential tenants and developments. “We’re going to look at what makes the most sense for the airport,” she explains.“What are we looking to attract, what type of businesses? And then just looking at it from a lease opportunity perspective, whether it’s a ground lease or a building lease.” The airport remains one of only two facilities in Canada charging no airport improvement fee, making cost-conscious development decisions particularly important. Potential projects could mirror successful airport business parks across North America, attracting logistics companies, aviation services, and light manufacturing operations drawn to direct airfield access. CAPITAL INVESTMENTS IN CUSTOMER EXPERIENCE Thunder Bay International Airport recently completed its most ambitious infrastructure project since the authority’s formation in 1997. The $20.4 million 177 BUSINESS VIEW MAGAZINE VOLUME 12, ISSUE 12 THUNDER BAY INTERNATIONAL AIRPORT
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