TradePort will continue to operate the John C. Munro Hamilton International Airport for the next 49 years, the City of Hamilton announced today.
In a statement on the City website, the City of Hamilton states Tradeport International Corporation is committed to spending $400-million “to further develop and expand” the airport “over a 49-year” term.
The City has not disclosed if $400-million commitment includes inflation adjustments.
Tradeport began managing the airport in 1996.
During the past nearly 30 years, the airport has expanded to become Canada’s third-busiest cargo airport. Passenger services have fluncted over the decades, at one point, Hamilton served as the eastern hub for WestJet, before WestJet began flying in-and-out of Pearson.
The City says Tradeport is increasing the amount it pays for its lease, and the City says it will receive “increased revenue sharing based on the Airport’s performance.” [The City is not disclosing if the percentage of revenue to the City is increasing, or if the statement merely reflects the natural progression of inflation.]
Tradeport is a wholly owned subsidiary of Vantage Group, a global airport development and transportation infrastructure leader.