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DEALS & CASES

Billy Bishop Airport Pedestrian Tunnel Project reaches financial close

March 2012

On March 9, 2012, the Toronto Port Authority hosted a ground breaking ceremony with Prime Minister Stephen Harper, federal Finance Minister Jim Flaherty and Toronto Mayor Rob Ford to announce the financial close of the Billy Bishop Toronto City Airport Pedestrian Tunnel Project.

Structured as a public-private partnership between the Toronto Port Authority and Forum Infrastructure Partners, the Project is being privately financed and has a capital cost of $82.5 million. The Project will be paid for by way of airport improvement fees paid by travelers using the airport. The pedestrian tunnel is scheduled to open in Spring 2014 and will complement the existing ferry service.

The Billy Bishop Toronto City Airport is owned and operated by the Toronto Port Authority, and is expected to serve about two million travelers in 2012.

Gowlings advised the Toronto Port Authority in connection with the Project with a team that included Merie-Anne Beavis, Darryl Brown, Samir Gassanov and Lindsay Wong (infrastructure/project finance).


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