Airport in southern Ontario gets $400 million for development and expansion
Published September 24, 2024 at 2:50 pm
The City of Hamilton and TradePort International Corporation have signed off on a $400 million agreement to develop and expand John C. Munro Hamilton International Airport over the next half-century.
The deal, signed on September 13, secures significant investment from TradePort, a wholly owned subsidiary of airport development and infrastructure company Vantage Group, and is expected to “transform” the airport’s infrastructure.
Upcoming projects include expanding and enhancing passenger terminal buildings, upgrading cargo facilities, enhancing taxiways and aprons and achieving Net Zero Carbon by 2030. The investment is designed to continue positioning Hamilton as a competitive player in the national and global markets, said Mayor Andrea Horwath, while supporting the region’s supply chain and job creation.
“This investment marks a significant milestone in Hamilton’s future. Our airport is a vital transportation hub and a key driver of our community’s economic growth and job creation,” Horwath said. “This $400 million commitment from TradePort and Vantage will enhance Hamilton’s global competitiveness while ensuring sustainability and long-term prosperity. We are excited to partner on a project that will benefit residents, businesses, and the broader region for decades to come.”
As part of the agreement, and in addition to the $400 million investment, the city will receive guaranteed annual payments, increased revenue sharing based on the Airport’s performance and commitments to annual community investments.
“Our team has worked diligently to ensure that this agreement meets Hamilton’s current needs and positions us for long-term success,” said City Manager Marnie Cluckie. “By working closely with our partners, we’ve secured an investment that will bring lasting economic benefits to our community, enhance our airport’s infrastructure, and support a sustainable, thriving future for Hamilton.”
TradePort has managed Hamilton International Airport since 1996, brokering $452 million in investments, contributing more than $1.5 billion in industry activity and creating more than 4,720 jobs. The new financial commitment will further drive local economic development and investment in Hamilton.
“TradePort’s investment in Hamilton International is great for Hamilton. We are more than just an airport – we are a jobs creator and strong economic contributor,” said Ron Foxcroft, TradePort’s Board Chair. “Together, we can strengthen our economic position and inject millions into our local community by investing in our airport infrastructure today (and) stands to evolve our city’s airport into the future with ambitious deliverables by 2073.”
