Looks like expansion of this airport is now in the hands of the new all-DASH400 series Q400 carrier:
http://makeashorterlink.com/?A39862A92
Watching the debate in City Hall was an experience is mis-statements and fact twisting. Opponents made much of how cities like Barcelona did not have waterfront airports, not noting BCN is located less than 15 km from city centre and linked by a 10-minute rail link to the central rail station. Or that Cleveland and Vancouver didn't have waterfront airports. Which of course is false, Vancouver flying seaplanes from Coal Harbour and Cleveland still operating its lakefront airport for small planes.