The City of Hamilton has signed a 49-year lease deal that will see TradePort International Corporation (TPIC) invest $400 million into the municipally-owned John C. Munro Hamilton International Airport and extend its management lease until 2073.
TPIC is a wholly owned subsidiary of Vantage Group, a global airport development and transportation infrastructure leader. The investment aims to transform the airport’s infrastructure, including expanding and enhancing passenger terminal buildings, upgrading cargo facilities, enhancing taxiways and aprons over the better part of the next five decades as well achieving net-zero carbon by 2030.
“This significant $400 million investment will position us to accommodate and expand passenger and cargo service, deliver safe, efficient cost-effective operations, enhance the customer experience with innovative solutions and technology, and operate sustainably,” said Cathie Puckering, vice-president and head of the Canadian network of Vantage Group. “We are ready to deliver this exciting plan for the airport and our city in partnership with the City of Hamilton and all stakeholders.”
Currently, John C. Munro Hamilton International Airport is the third largest cargo airport in the country after Toronto Pearson International Airport and Vancouver International Airport. The investment is designed to continue positioning Hamilton as a competitive player in the national and global markets while supporting the region’s supply chain and job creation.
As part of the agreement, and in addition to the $400 million investment, the City of Hamilton will receive guaranteed annual payments, increased revenue sharing based on the airport’s performance and commitments to annual community investments.
When questioned if there are plans to extend the physical boundaries of the airport property, what projects are a priority, a breakdown of the investment and how net-zero carbon will be achieved, an airport spokesperson answered, “Currently, we do not have any detailed information to share on what will be included in the $400 million commitment; however, at a high level, we can comment that the investments will be directed to capital intensive projects like the $20 million investment we have made toward airfield improvements in the current 2024 year.
“As the 49-year term evolves and new projects are advanced, the respective RFPs for new initiatives will be issued.”
Some Hamilton city councillors are displeased with the lack of transparency and are asking for details of the arrangement to be made public.
In response, the City of Hamilton’s Corporate Real Estate Office replied, “At this time, the details of the lease agreement remain confidential, however, staff are working on what can be publicly disclosed and we will provide that information once it is available.”
TradePort has managed the Hamilton airport since 1996, facilitating $452 million in investments, contributing more than $1.5 billion in industry activity and creating more than 4,720 jobs.
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