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FACT SHEET1
GREATER LONDON
INTERNATIONAL AIRPORT AUTHORITY
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17th busiest leased airport in National Airports System with
over 328,000 passengers.
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80% savings on rent paid over the life of lease.
Projected Savings Under New Policy
Estimated rent savings under new rent formula:
$4.2 million2 over the
life of lease (to 2058)
Chattels3 payments
forgiven:
$775,482 from 2006 to 2008
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Rent Projections
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2006 |
2010 |
2015 |
2020 |
Total2 |
Old Formula |
$0 |
$32,000 |
$722,000 |
$817,000 |
$5.3 million |
New Formula |
$0 |
$26,000 |
$33,000 |
$49,000 |
$1.1 million |
Savings |
$0 |
$6,000 |
$689,000 |
$768,000 |
$4.2 million |
Greater London International Airport Authority Annual
Rent Payments ($000)
![Projected annual savings on Greater London 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 $6,000 upon inaugural rent payment in 2010, and are $768,000 in 2020.](/web/20060212030317im_/https://www.tc.gc.ca/air/airport-rent/fact/images/london.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.)
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