TORONTO - The owner of Billy Bishop Toronto City Airport is looking for a private sector investor to operate the downtown island airport as the industry continues to struggle from the impact of COVID-19.

PortsToronto issued a request for interest Tuesday, a step toward potentially identifying a financial investor to run the airport under lease.

The government agency says the move is designed to reduce the airport's overall debt, enhance liquidity enabling infrastructure investment and ensure the airport's long-term viability.

The selected investor would need to maintain the organization's commitment to a managed-growth approach to the airport, including investments to make it among the greenest and quietest airports in the world.

PortsToronto would retain oversight of the airport as a member of the Tripartite Agreement with the City of Toronto and the federal government.

A request for proposals could be issued later this year in consultation with the two other levels of government.