In the spring of 2022, HM Aero was retained by the City of Peterborough to prepare a Master Plan Update for Peterborough Airport to act as a comprehensive planning guide within a 15-year timeframe to 2037. Over the 15-year horizon of the Master Plan Update, a systematic strategy was outlined for the rehabilitation, reconstruction, or replacement of the Airport’s airfield and groundside infrastructure and supporting systems.  The Master Plan Update also considered the feasibility of improvements to the level of service of Runway 09-27 as well as its potential widening.

The growth of existing boutique passenger charter air service and new passenger charter opportunities to the Caribbean, Mexico, Florida, and western Canada were primary areas of potential growth identified within the Master Plan, as well as the continuation of high value vacation packages to select destinations using B737-700 aircraft, and similar types.

The financial forecast prepared as part of the Plan demonstrated that the identified business development opportunities are expected to have a positive impact on the long-term financial stability of the Airport. $80M in investments were identified within the Master Plan, with approximately $50M recommended in the short term - $22M related to water and sewer servicing improvements.  The Master Plan also identified funding sources and opportunities that could offset the cost burden to the City within the timelines of the Master Plan.