Hamilton inks historic $400 million deal to invest in John C. Munro Airport
- Michael Kras
- 11 Nov 2024
The City of Hamilton and the John C. Munro Hamilton International Airport have finalized a historic $400 million deal which will see the airport developed and expanded over a 49-year period.
The agreement was signed on September 13th for a large investment from Vantage group subsidiary TradePort: a global leader in airport development and transit infrastructure, and the manager of Hamilton’s airport since 1996.
The investment will see upgrades and transformations to Hamilton’s airport including expansion and enhancement of passenger terminal buildings, upgrades to cargo facilities, enhancements to taxiways and aprons, and the achievement of Net Zero Carbon by 2030.
Pleased to share the exciting news that the @cityofhamilton and TradePort International Corporation have finalized a historic $400-million agreement to further develop and expand Hamilton International over a 49-year term. ✈️ #HamOnt https://t.co/kYLjLwWfXv
— Hamilton International Airport (YHM) (@flyyhm) September 24, 2024
“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,” said Hamilton’s Mayor Andrea Horwath in a release.
“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.”
In addition to the $400 million investment with this deal, the City will receive guaranteed annual payments, an increase in revenue sharing based on the airport’s performance, and commitments to annual community investments.
“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 & Head of the Canadian Network for 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.”
Read the full release here.
Lead image: map data via Google Maps (2024)
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