Photo: The Canadian Press

The proposed Calgary Airport to Banff Passenger Rail is shown in this artist's rendering handout image at the Banff Train Station. The company behind a proposed passenger rail service that would connect Banff to the Calgary International Airport says the project will cost $1.5 billion.

The company behind a proposed passenger rail service that would connect Banff, Alta., to the Calgary International Airport says the project will cost $1.5 billion.

The owners of the Mount Norquay ski resort in Banff say they've submitted a new proposal to the Alberta government in hopes the rail line could be constructed as a public-private partnership.

Liricon Capital Ltd., which owns the ski resort, also holds a long-term lease for the Banff train station.

The company says the link between the tourist town and Calgary would help reduce the burden of passenger vehicles in Banff National Park.

The proposal would require twinning a section of Canadian Pacific Railway Ltd. track.

Liricon Capital is asking the Alberta government to commit $30 million annually to the project. The province would not start payments until the rail line is complete, which could be as early as 2025.

The company also hopes to receive funding from the Canada Infrastructure Bank.