YLW Connection - Fall 2009 - (Page 15)

BIG Business at YLW | B Y WA R R E N B R O C K Complimentary Wine Tour K elowna International Airport (YLW) contributes an estimated $310 million to the local economy annually. Since 2005, YLW has been the 10th busiest airport in Canada and in 2008 reached new records with 81,884 airplane landings and 1,389,883 passengers served. With the airport’s continued growth and recently announced “Drive to 1.6 million” program, it is apparent that big business at YLW is here to stay. To ensure business runs smoothly, YLW has comprised a dedicated team of individuals to effectively meet the daily administration demands of airport operations. Each administration team member is well versed in each of the administration responsibilities, including budgeting and collecting the airport’s operational revenue of just under $10 million and Airport Improvement Fee Revenue of $6.6 million. This team plays an integral role in the airport’s success. They are your first point of contact with YLW’s Administration Office, and deal with hundreds of requests each month for information on flight reservations, parking, and Canadian Border Services to name just a few. All tracking and reporting of all airplane activity is handled here. Each plane that lands or parks at YLW has its tail number recorded from several different sources. This information is utilized for the billing of each airline and/or tenant and reported to YLW management for planning purposes. They are required to work closely with the City of Kelowna’s finance department. For each bill submitted, there is a structured approval/payment process to ensure each YLW supplier is paid in a timely manner. Statistics and reporting are an important function of this group including the monitoring of YLW’s concession revenues. With each capital project at YLW, various suppliers and contractors need to be compensated throughout the various stages of development. Working closely with the City of Kelowna’s finance department they ensure each capital project is effectively financed in accordance with project milestones. From airlines to food vendors, each business must be fully licensed and provided with comprehensive operating procedures and guidelines. The airport’s administration team administers all contracts, airport use agreements, and land leases for every YLW tenant and related business. In addition to the finance side of things they also assist with security clearances. Before any employee, tenant, or vendor can access a secured area of YLW, they must obtain their appropriate security clearance known as the RedPass. Admin staff oversees the screening process for each RedPass holder including documentation for a Transport Canada background check, fingerprinting, and biometric eye scans. Teamwork is a key ingredient of their success and each member must cross-train on each desk to be able to assist whenever necessary. As big business at YLW continues to grow, this dedicated team is ready to meet every opportunity and challenge in its stride. Receive a Complimentary Chauffeured Wine Tour as a Thank You for using my services for your next Real Estate transaction. Call me for details. Use YLW code for redemption. Phone: 250-878-0678 VALLEY REAL ESTATE REPORT By Michael Coburn Welcome to the inaugural Valley Real Estate Report. Beginning with this issue, I will prepare an overview of the Central Okanagan Real Estate market for the previous quarter. June 09 sales increased over June 08. Over half of the total single family residential sales for June were under $440,000. First time buyers and investors made up a large portion of these purchases. Average days on market (DOM) was 85, selling price vs. list price being 92.7% July single family residential sales increased 60% over July 08. Of the 231 single family sales for the month, over three quarters were less than $520,000. Average DOM 89, selling price vs. list price being 93.1%. August 09 saw the number of total sales increase by 39%. Average house price year to date was just over $456,000 compared to $513,000 last year. DOM 82, sell price vs. list price 93.7% With interest rates at the lowest level in years and property prices down, now is an excellent time for first time buyers, upgrading your existing property or to use Real Estate as an investment vehicle. YLW Admin Team (l-r): Karen Gates, Alyson Priede, Michele Blinn, Toni Lee, Carol Marquardt, Debbie Tomlinson Stats derived from the Okanagan Mainline Real Estate Board. Michael Coburn, Licensed Realtor mike@propertyinkelowna.com www.propertinkelowna.com FALL 2009 http://www.propertyinkelowna.com http://www.propertyinkelowna.com

Table of Contents for the Digital Edition of YLW Connection - Fall 2009

YLW Connection - Fall 2009
Contents
Airport Services
Drive 1.6 Million Passengers Development Program
Mexico Travel
Vernon Yours to Explore
Eyes in the Sky
Big Business at YLW
Travel Medical Insurance - Not Just for Out of Country But for Out of Province, Too
Caribbean Goes North Event
Taxing Your Air Time
Okanagan Art Goes Global
YLW Connection Wins International Award
YLW News
Trivia & Games

YLW Connection - Fall 2009

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