Waterford council vote clears the way for airport development
The council has passed three motions clearing the way for a €30 million private investment in Waterford Airport.
Councillors met at a special sitting on Monday and approved the disposal of the public-owned land, a resolution not to seek ministerial approval for the sale of the land for a nominal value and the waiving of the repayment of council money invested in the airport.
The motions were passed by all councillors, with the exception of Cllr Joe O'Riordan who had concerns around the identity of the investor.
Mayor of Waterford City and County Council welcomed the outcome of the meeting and said he is confident the decisions made will lead to commercial flights at Waterford Airport.
“The Council has been steadfast in its support for Waterford Airport over many years. This investment represents the best possible outcome - securing the airport’s future, ending the requirement for ongoing Council subvention, and securing significant private investment without cost to the Exchequer. It will transform Waterford Airport into a commercially viable regional airport that serves over half a million people across the South East,” said Mayor Ryan.
Cllr Declan Barry who is on the board of the airport said this was a big day for Waterford.
"This is a historic day for the people of Waterford. I am so excited and thrilled to tell them that what Waterford airport is alive and kicking and has a future," said Cllr Barry.
The Chairman of the existing Airport company, Michael Walsh, welcomed the decision today by Waterford City and County Council.
“I welcome the decision of the Council to support this investment proposal. I am confident the investment provides a clear and credible pathway to long-term commercial viability for the airport, while safeguarding existing jobs and strengthening the region’s connectivity.
"It reflects a shared vision between the Council, the Board and the new investor of Waterford Airport as a driver of economic growth and opportunity. The next step will be to convene an Extraordinary General Meeting of shareholders to consider the investment proposal.
"This is an important part of the process, and we will be issuing a recommendation to shareholders in the coming days to accept the investment proposal. Subject to their approval, we look forward to working with the investor to move swiftly into the delivery phase of the development,” said Mr Walsh.
Waterford City and County Council released the chief executive's report ahead of the meeting and with that and Monday's vote, there is a lot of information to take in.
The Waterford News and Star have gone through the report and were present at the meeting.
We have cut through the jargon and here is what you need to know.
According to Cllr Barry everyone is eager to get started on the runway extension.
Works are needed on the R708 which is a meter too high to meet the Irish Aviation Authority requirements but all works are expected to take about a year.
"I have it on good authority that work will begin in very early new year; I'm talking about the other side of the new year. It's expected to take eight to 12 months. realistically there will be flights in and out of Waterford Airport the summer of 2027, please God, said Cllr Barry.
Chief Chief Executive Officer Sean McKeown told councillors at the meeting that there has been a "positive discussion" with one airline but their interest would be subject to the airport being up and running.
The council owns about 84 hectares of airport land at Killowen and Ballygarron.
Seventy-eight of that is leased to the airport, and a further six hectares came from a compulsory purchase a few years ago to facilitate the runway extension.
Most of that land will be sold to the new company for a tiny fraction of the €2.295 million it's worth, for just €50,000.
One plot that was subject to compulsary purchase a couple of years ago will be retained by the council so that if the terms must be enforced, they own land next to the airport- a condition to enforce the terms in court.
According to the Chief Executive, it was a "deal breaker" for the mystery investor that the land be transferred on a "freehold" and not leased to the airport.
While this is a very small amount of money and a lot less than the council paid, Mr McKeown said they are the belief that this is the good of the region.
You want a fully functional airport, this mysterious new investor wants to fund one and Waterford and the South East need one.
The airport is in financial trouble and there isn't a better alternative.
This also mean an end to the will-they-won’t-they saga of exchequer funding.
But that is not all.
Today's vote also the council will foot half the cost of alteration works on the R708 public road.
The total cost of the works are €800,000 and planning permission will not be needed.
Commercial rates will be capped at €10,000 (currently €76,000) while the runway extension is complete and private flights as well as pilot training will not be possible affecting the income to the airport.
But, Mr McKeown said an increase in the value of the airport would mean higher rates in the future.
And the council will waive the repayment of the €670,000 they have given the airport.
The details of how this came about are a closely guarded secret, but we do know from the documents released by the council to us that in August this year, Devin Regional Investments Ltd pulled out of their agreement to put up funding for the airport.
We learned at the meeting this was due to the uncertainty around government funding and the changing requirements set out by the Department of Transport.
Many councillors at the meeting on Monday said that they and the public feel let down by the government.
This departure led to the new investor, who we now have confirmation is American, jumping in and saving the day to the tune of €30 million.
Some councillors expressed concerns about the requirement for the identity of the investor to remain a secret.
Issues of transparency and public interest were raised but most felt regardless of who the investor is, there is no other choice but to take their deal.
After the meeting, Cllr Barry told the Waterford News and Star is confident that the investor has been properly vetted.
"The investor has been checked out, they are all above board, has investments in Ireland and throughout Europe," said Cllr Barry.
But the investor is not the official owner of the airport.
A newly incorporated company, called Waterford Airport Ltd (WAL) has been set up.
According to Solocheck, WAL was set up on Tuesday, August 12, 2025, and has a partial address at Heathfield House, Newtown, Tramore.
An EGM is now needed for the old company to finish out their involvement and the new company to take over.
But this will also mean all staff at the airport will keep their jobs, the Search and Rescue service will be able to stay, as will the pilot academy.
But the identity of the investor must remain confidential.
And we may never know the name of the airport’s guardian angel.
The short answer: an anti-embarrassment clause.
The majority of the land will be restricted to aviation-related purposes for 50 years and the council's ownership of adjacent land will mean they can enforce that requirement if it went to court.
And if WAL disposes of the land within seven years, half of the net profit will go to the council.
Mr McKeown told elected members on Monday that if the development works are not complete within 18 months, "the deal is off."
Mr McKeown said the council have received confirmation this weekend from the bank that €35million is now available for this to go ahead.
