06/21/2017 18:21 EDT | Updated 06/21/2017 18:40 EDT

B.C. First Nation, airport sign long-term benefits agreement

RICHMOND, B.C. — A First Nation in British Columbia has signed a long-term benefits agreement with the Vancouver International Airport.

The Musqueam Indian Band and airport officials say in a release that the 30-year deal is based on "friendship and respect" and is meant to be mutually beneficial.

The airport, located in Richmond, B.C., sits on the traditional territory of the Musqueam people.

Chief Wayne Sparrow says the agreement provides Musqueam people with employment opportunities at the airport as well as a voice in future development and environmental enhancements.

It also includes a number of scholarships and new jobs for the First Nation, protection of archeological resources and one per cent of annual revenue from the airport.

Vancouver Airport Authority CEO Craig Richmond says the agreement is not only good for business, but it's the right way for the airport to move forward in the community it serves.