PortsToronto Releases Request For Interest (RFI) to Identify Potential Financial Investor for Billy Bishop Airport

Investor would assume operation of the airport under lease; PortsToronto would remain signatory to the Tripartite Agreement and retain oversight and accountability 

TORONTO, March 30, 2021 /CNW/ - PortsToronto, owner and operator of Billy Bishop Toronto City Airport (Billy Bishop Airport), an award-winning urban airport in the heart of Toronto, today released a Request For Interest (RFI) on MERX as part of a preliminary step to identify a financial investor for the airport. This initiative is exploratory and is intended to inform a comprehensive study of possible options available to PortsToronto to support the airport as a critical transportation asset.

The process initiated by the RFI endeavours to identify a financial investor that would be interested in operating the airport under lease, and is being undertaken in an effort to reduce PortsToronto's overall debt position, restore and enhance liquidity; enable ongoing and future infrastructure investment; and ensure the airport's long-term viability.

The RFI is also predicated on a desire by PortsToronto to identify a financial investor that would maintain the organization's commitment to a managed-growth approach to the airport that ensures balance within the community, and executes upon the airport's recent Master Plan that endeavours to make investments to make Billy Bishop Airport among the cleanest, greenest and quietest airports in the world.

"It is incumbent upon PortsToronto – as owner and operator of Billy Bishop Airport – to explore options to manage risk and enhance liquidity in a manner that allows PortsToronto to fulfil its mandate, support Toronto's economy, and ensure that the airport continues to serve as an asset," said Robert Poirier, Chair, PortsToronto. "This RFI will inform a strategic evaluation of opportunities regarding the airport by effectively extending the existing and successful P3 structure we already have in place with several key concessions at the airport. Importantly, PortsToronto will remain the signatory to the Tripartite Agreement, with the City of Toronto and the federal government, and as such will retain oversight of the airport and maintain control over such areas as slots, safety and environmental sustainability." 

Should PortsToronto choose to pursue this concept further, the process will progress to a Request for Proposal (RFP) later this year in consultation with the City of Toronto and the federal government including Transport Canada.

"The last year has had a profound impact on many businesses and has necessitated innovative approaches to overcome the challenges at present and in future. We believe that undertaking a process now that may provide options for PortsToronto to secure a financial investor will enable the airport to come out of the COVID-19 crisis stronger," said Geoffrey Wilson, Chief Executive Officer, PortsToronto.

"We are undertaking this preliminary step to identify options that, when combined with anticipated government support, will ensure a well-funded future for Billy Bishop Airport," continued Wilson. "Billy Bishop Airport will have a vital role to play in the economic recovery of Toronto – including as a creator of jobs and a facilitator of trade and tourism – and this preliminary step will ideally identify the means necessary to ensure the airport can play a stronger role in Toronto's re-emergence as a world-class city following this pandemic."

About Billy Bishop Toronto City Airport 
Prior to the COVID-19 global pandemic, Billy Bishop Airport offered service to more than 20 cities in Canada and the U.S., with connection opportunities to more than 80 international destinations via our airlines' networks. Billy Bishop Airport is an important international gateway and a key driver to Toronto's economy, generating more than $470 million in Gross Domestic Product (GDP) each year and supporting 4,740 jobs, including 2,080 directly associated with the airport operations. Billy Bishop Airport is renowned for its unique travel experience, efficiency and customer service and has won a series of passenger-driven awards. Commercial service at the airport was temporarily suspended in March 2020 as a result of the COVID-19 global pandemic.

About PortsToronto 
For more than 100 years PortsToronto has worked with its partners at the federal, provincial and municipal levels to enhance the economic growth of the City of Toronto and the Greater Toronto Area. PortsToronto owns and operates Billy Bishop Toronto City Airport; the Outer Harbour Marina, one of Canada's largest freshwater marinas; and, Marine Terminal 52, which provides transportation, distribution, storage and container services to businesses at the Port of Toronto. PortsToronto is committed to fostering strong, healthy and sustainable communities and has invested more than $12 million since 2009 in charitable initiatives and environmental programs that benefit communities along Toronto's waterfront and beyond. PortsToronto operates in accordance with the Canada Marine Act and is guided by a nine-member board with representation from all three levels of government. 

SOURCE PortsToronto

Media Contact: Deborah Wilson, Vice President Communications & Public Affairs, PortsToronto, E-mail: [email protected], 416-846-6119