City reaches $400M deal with airport operators

The agreement with Tradeport International Corporation will see the company manage the John C. Munro International Airport for 49 years. 

The City of Hamilton and the operators of the Hamilton International Airport have reached a 49-year deal that will see $400 million invested in the Mount Hope facility.

TradePort International Corporation plans to expand and improve passenger terminal buildings, upgrading cargo facilities, enhance taxiways and aprons, and achieve net-zero carbon in operations by 2030.

TradePort is a wholly owned subsidiary of Vantage Group, a global airport development and transportation infrastructure company.

“This investment marks a significant milestone in Hamilton’s future,” said Mayor Andrea Horwath in a media statement Tuesday.

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

The current deal between the City and TradePort was to expire in 2038. There had been ongoing negotiations since 2014 to reach a new deal.  

As part of the agreement, and in addition to the $400-million investment, the City of Hamilton will receive guaranteed annual payments, increased revenue sharing based on the airport's performance, and commitments to annual community investments.  

There were no further details provided.

“TradePort’s investment in Hamilton International is great for Hamilton,” said TradePort board chair Ron Foxcroft. “We are more than just an airport – we are a jobs creator and strong economic contributor.”

Vantage Group operates 25 airports or terminals around the world, including Vancouver, Denver, JFK, LaGuardia, Philadelphia, and locations in Europe, the Caribbean, South American and New Zealand.

“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 and head of the Canadian Network of Vantage Group.

TradePort has managed Hamilton International Airport since 1996, during which time it has made $452 million in investments and created more than 4,720 jobs.

The airport is Canada’s third-largest cargo airport and had been achieving success in growing passenger numbers to nearly 1 million in 2019 before the pandemic bottomed out those numbers.

Last year, the airport handled more than 820,000 passengers and saw record cargo numbers.