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FACT SHEET1
THUNDER BAY INTERNATIONAL AIRPORTS AUTHORITY
- 14th busiest leased airport in National Airports System with over 586,000
passengers.
- 90% savings on rent paid over the life of lease.
- 96% savings on rent payments in 2006.
Projected Savings Under New Policy
Estimated rent savings under new rent formula:
$6.9 million2 over the
life of lease (to 2057)
$1.4 million over the next four years (2006 to
2009)
Chattels3 payments
forgiven:
$1.7 million from 2006 to 2008
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Rent Projections
| |
2006 |
2010 |
2015 |
2020 |
Total2 |
| Old Formula |
$331,000 |
$459,000 |
$743,000 |
$1.06 million |
$7.6 million |
| New Formula |
$12,000 |
$21,000 |
$35,000 |
$0.05 million |
$0.7 million |
| Savings |
$319,000 |
$438,000 |
$708,000 |
$1.01 million |
$6.9 million |
Thunder Bay International Airports Authority Annual
Rent Payments ($000)
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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