John C. Munro Hamilton International Airport is already the third largest cargo airport in the country after Toronto Pearson Airport and Vancouver International Airport – and it’s going to get larger.
The TradePort International Corporation and its parent company Vantage Group say a $400-million investment will go into expansion of operations, including passenger terminal buildings, cargo facilities and tarmacs over the next 49 years.
Ron Foxcroft, TradePort’s board chair, says the deal will mean growth for the airport and benefits for Hamilton.
“We create jobs and we create revenue for the city, and our partners create revenue for the city,” Foxcroft says.
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“Our partners want certainty that an airport management company will be here in this case for the next 49 years. So it will attract partners, partners will create economic advantage, and partners will hire people.”
Cathie Puckering, Vantage Group’s vice president responsible for the Canadian network of airports, says the long-term deal is key.
“Our operators are looking for stability. A long-term lease not only allows TradePort and Vantage Group to invest in the airport, but all of the operators that call Hamilton home are also looking for that longer term in order to continue with its own investments as well,” Puckering says.
They say one of the benefits for the City of Hamilton will be annual payments from the airport and a share of growing airport revenue.
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“I think this is the right deal. It’s going to help us drive our economic presence. Logistics is a big part of our benefit as a city and of course the airport is a lynchpin in that transportation network. It will be positive for Hamiltonians on many levels,” says Mayor Andrea Horwath.
The groups say the deal could mean more passenger air travel through Hamilton.
“Everybody in this city wants to see more passenger service,” Foxcroft says.
“What we do is create an environment for the passenger airlines to succeed. Now that we have certainty for 49 years, we will be having communications and negotiations with airlines regarding increased passenger service at John C. Munro Hamilton International Airport.”
Another key element of the deal is that the airport will be Net Zero Carbon by 2030, reducing or offsetting greenhouse gas emissions.
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