The province will be taking over control of Billy Bishop airport on Toronto Island, Ontario Premier Doug Ford told reporters at a news conference on Tuesday.

“This is a crown jewel,” said Ford, adding the City of Toronto, which currently has jurisdiction of the airport, will be compensated for the value and for any lost revenue, which Ford said was about $5 million a year.

“This is an economic driver,” the premier said.

The airport is currently governed by a tripartite agreement with the City of Toronto, Toronto Port Authority and the federal government. The city owns about 20 per cent of the land the airport sits on, according to its site.