The George Town Council agreed to potentially sell its airstrip at its November meeting.
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The notice of motion was moved by Councillor Heather Barwick and amended and approved.
It is to enter into a sale process and would be sold under a tender process.
George Town mayor Bridget Archer said announcing the intention to sell was the start of a long process.
“It has to be advertised a couple of times and it will be advertised again in a week, this is a notice of intent to say that we’re considering a sale,” she said.
“It must come back to council because we have to consider any submissions. We can’t resolve to see until we’ve done that.”
The council is encouraging any interested people, either for or against the proposal to sell, to make a submission before December 19.
Cr Archer said the council is marginally breaking even on the land annual.
Previously, the council has considered selling the land a ‘significant’ number of times, the council’s agenda said.
The latest proposal to sell was in July this year.
The sale of the land is influenced by a 10-year lease that expires in 2028.
George Town Airport Association holds the current lease.
Construction of the George Town Airstrip originated in 1970. It was proposed by the George Town Airport Association, an organisation formed by the local Chamber of Commerce.
The site was purchased with funds donated and loaned by citizens and business.
The initial grass runway was built with donations from various sources together with some State government funding.
In 1987, the runway was extended by 244 metres and other upgrading works completed in February that year.
The council became involved in investigating the further upgrading of the airport in 1992. Ownership of the airport was transferred the council at the same time.