Hamilton's airport will see $400M in upgrades, city announces in new deal

The company that runs Hamilton's airport says it will spend$400 million in upgrades for passengerand cargo transportationover the next 49 years.

The City of Hamilton announced Tuesday that TradePortInternational Corporation, which through a long-term lease ownsJohn C. Munro Hamilton International Airport, will expand passenger terminals, upgrade cargo facilitiesand airplanetaxiways, and achieve net-zero carbon by 2030.

"This investment marks a significant milestone in Hamilton's future," said Mayor Andrea Horwath in a statement.

"Our airport is a vital transportation hub and a key driver of our community's economic growth and job creation."

TradePort is a subsidiary of Vantage Group, which invests, develops and manages airports internationally.

The city said, through the newagreement with TradePort and Vantage Group, it will receive annual payments and increased revenue sharing, but didn't specify by how much.

Ray Kessler, the city's chief corporate real estate officer, told CBC Hamilton that while he can't reveal specifics, it's overall "a better deal for sure" than the previous agreement. It's better for the city financially, and from an economicdevelopment standpoint, he said.

Last year, the airport and its tenants paid$4.1 million in property taxes and rents to the city, according to its annual report. It saw over 820,000 passengers travel through.

Airline changes in recent years

TradePort has run the airport since 1996 and spent $452 million in upgrades.

"Together, we can strengthen our economic position and inject millions into our local community by investing in our airport infrastructure today," said Ron Foxcroft, TradePort's board chair.

The announcement comesafter WestJetscaled back operations. In June, itendedflights from Hamilton to Atlantic Canada and limiting flights to Orlando, Fla., in June.

The airline said at the time that the decision came down to "performance" and plans to provide eastern Canada with "non-stop connectivity" to Calgary.

Earlier this year, Lynx Air ceased operations along with the flights it offered from Hamilton to destinations like Vancouver and Calgary.

Along with WestJet, Hamilton airport passengerscan flywith Air Canada, PLAY Airlines and Sunwing.

Hamilton's airport is also Canada's largest overnight express cargo hub, says Vantage Group's website.