The company planning to lease the former Millard Air hangar will pay far more for the space than its previous tenant did.

After shelling out a reported $9.5 million to build one of the largest hangars at Region of Waterloo International Airport, Millard Air paid $19,000 per year on a 50-year lease for the facility.

Chartright Air, a private aircraft operation and maintenance company, has agreed to take over the hangar – while paying nearly $70,000 per year.

The company is expected to employ 40 people at the hangar, which gained notoriety in the spring of 2013 when police searched it in connection with their investigation into Dellen Millard.

Millard is accused of killing his father Wayne, as well as Toronto resident Laura Babcock and Hamilton resident Tim Bosma.

Police spent several days at the hangar, providing few details as they went through every item stored inside.

People who work near the hangar say they’re glad to see activity return to the site, and perhaps even boost the airport’s profile in the aviation world.

“That’s a good thing. We can all move on,” said Calvin Jutzi of M.R. Jutzi Auctions.

“It stopped everything in its tracks for … years. There was nothing going on.”

A second party was also interested and the hangar and may choose to build elsewhere at the airport, Coun. Tom Galloway told CTV News.

The deal closes later this month.

Once that happens, Chartright will move some of its operations, including a helicopter service centre, from a hangar in Toronto.