TORONTO, Jan. 13 /CNW/ - At a meeting earlier today, the Toronto Port Authority's ("TPA") Board of Directors received and approved management's proposed 2010 infrastructure and environmental capital spending plan.
Highlights of the proposed $16 million in new capital expenditures include:
- $8 million for equipment and services upgrades at the Billy Bishop
Toronto City Airport ("BBTCA");
- Up to $3 million to replace an aging tugboat used by the TPA to
preserve the Don River floodplain, and to provide other marine
- $1.768 million for new docks and additional equipment at the
profitable Outer Harbour Marina, the largest public freshwater marina
in North America;
- $1 million for the creation of protective islands and fish habitat
wetlands at Tommy Thompson Park; and
- $332,000 for increased Port security.
The $8 million in capital equipment expenditures at the BBTCA will be entirely financed by the Airport Improvement Fee paid by travellers. Highlights of that program include:
- $2.6 million for an Equipment Maintenance building;
- $2.26 million for additional snow removal equipment,
- $800,000 to establish a dedicated airport policing structure to
enhance passenger safety;
- $660,000 for an engine "run-up" noise barrier;
- $300,000 to redesign the airport's turning circle to improve
- $240,000 to resurface taxiways.
Pursuant to the TPA Purchasing Policy, all capital expenditures require individual approval prior to the expenditure of funds. Once approved, funds for these infrastructure and environmental capital projects will come from TPA cash resources, including net profits generated by TPA operations in the 2008 and 2009 fiscal years. As stated above, BBTCA-related capital expenditures are entirely financed by the Airport Improvement Fee paid by travellers.
The TPA also confirmed that as a result of the Federal government's January 5, 2010 announcement regarding enhanced security measures at major Canadian airports, the BBTCA is expected to receive at least one full body scanner for implementation and use at the airport over the coming months.
"In the wake of our omnibus settlement with the City of Toronto, the TPA now has the financial resources to address several key projects on behalf of our many stakeholders," said Mark McQueen, Chairman of the Toronto Port Authority Board of Directors. "The TPA is moving quickly to reinvest the $6 million of anticipated net new funds in these very worthy infrastructure and environmental initiatives."
Geoffrey Wilson, President and CEO of the TPA, added: "Our team has put together a five-year plan that will see the TPA revitalize many important elements of the Port and marina while continuing to support the passenger growth at the Billy Bishop Toronto City Airport. We are intent upon living up to our commitment to our stakeholders and the broader GTA community."
The Toronto Port Authority was incorporated on June 8, 1999, as a government business enterprise under the Canada Marine Act as the successor to the Toronto Harbour Commissioners. It is a federal public authority providing transportation, distribution, storage and container services to businesses. The TPA owns and operates the Billy Bishop Toronto City Airport, Marine Terminals 51 and 52, and the Outer Harbour Marina. The TPA also provides regulatory controls and public works services to enhance the safety and efficiency of marine navigation and aviation in the port and harbour of Toronto.
Further information about the TPA is available on the TPA website at www.torontoport.com.
For further information: For further information: Janet MacDonald, Toronto Port Authority, (416) 863-2003