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Transport Canada

FACT SHEET1

VICTORIA  AIRPORT AUTHORITY

  • 9th busiest leased airport in National Airports System with over 1.1 million passengers.
  • 51% savings on rent paid over the life of lease.

Projected Savings Under New Policy

Estimated rent savings under new rent formula:

    $12.0 million2 over the life of lease (to 2057)
    $2.4 million over the next four years (2006 to 2009)
Rent Projections
  2006 2010 2015 2020 Total2
Old Formula $1.2 million $1.8 million $1.9 million $2.3 million $23 million
New Formula $1.1 million $0.4 million $0.5 million $0.7 million $11 million
Savings $0.1 million $1.4 million $1.4 million $1.6 million $12 million

Victoria  Airport Authority Annual Rent Payments ($000)
Projected annual savings on Victoria Airport Authority rent payments from 2004 to 2020 under the new formula as compared to the old formula. The projected annual savings start at $100,000 in 2006, and are $1.6 million in 2020.

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.
Last updated: 2005-05-09 Top of Page Important Notices