The Bermuda Airport Authority (BAA) reported L.F. Wade International Airport operator Skyport submitted its latest minimum revenue guarantee certificate.
“An additional $15 million is now required to be paid by the BAA to Skyport,” the Bermuda Government reported in a press release.
The funding will take the form of a further grant from the Government of Bermuda to the BAA. This is the second such payment, the first having been $5.7 million paid last month, the release noted.
Transport Minister Lawrence Scott said: “This airport agreement continues to prove itself a bad deal for Bermuda. This payment further restricts the government’s ability to help those Bermudians most in need during these challenging times.”
He added: “But make no mistake, the people are our priority, and we will continue to do all that we can to make this bad deal a better one for the people of Bermuda.”
On March 16, 2017 the Government of Bermuda signed an agreement with the Canadian Commercial Corporation to implement the Bermuda Airport Project under a public-private partnership model. The agreement granted Bermuda Skyport Corporation a 30-year concession to manage and operate the airport. Skyport, a special-purpose Bermudian company wholly owned by Aecon Concessions, is responsible for the L.F. Wade International Airport’s operations, maintenance and commercial functions. Skyport also manages the delivery of the redevelopment project and is overseeing the construction of a new terminal.