FACT SHEET1
HALIFAX INTERNATIONAL AIRPORT AUTHORITY
- 7th busiest leased airport in National Airports System with over
2.7million passengers.
- 47% savings on rent paid over the life of lease.
Projected Savings Under New Policy
Estimated rent savings under new rent formula:
$56.0 million2 over the
life of lease (to 2060)
$3.4 million over the next four years (2006 to
2009)
Chattels3 payments
forgiven:
|
Rent Projections
| 2006 |
2010 |
2015 |
2020 |
Total2 |
Old Formula |
$4.5 million |
$5 million |
$8 million |
$11 million |
$119 million |
New Formula |
$4.2 million |
$3 million |
$3 million |
$4 million |
$63 million |
Savings |
$0.3 million |
$2 million |
$5 million |
$7 million |
$56 million |
Halifax International Airport Authority Annual Rent
Payments ($000)
![Projected annual savings on Halifax International Airport Authority rent payments from 2004 to 2020 under the new formula as compared to the old formula. The projected annual savings start at $300,000 in 2006, and are $7 million in 2020.](/web/20060212030303im_/https://www.tc.gc.ca/air/airport-rent/fact/images/halifax.gif)
1Note: All figures are estimates based on
Transport Canada modeling using data supplied by airport authorities, and are
subject to change. Actual results may differ from projections.
2Net Present Value, which is the value of the
future stream of rent payments brought back to the present by means of an
appropriate discount rate.
3Chattels are items of tangible personal property
used for the management, operation or maintenance of the premises, which were
sold by Transport Canada to airport authorities at the time of transfer. (N.B.
Items of tangible personal property included such things as furniture, computer
equipment, cars, trucks and snow blowers.)
|