According to a press release issued Thursday by Paramount, a local company involved in the talks, representatives from Canadian Commercial Corp. have proposed a privately-financed, long-term airport concession agreement that will not require any funding from the Cayman Islands government.
“The proposal includes a significant upfront payment to the Cayman Islands, a healthy ongoing revenue share to the Cayman Islands Airports Authority, material fiscal savings to the Cayman Islands by transitioning civil servants to the private sector and an overall proposed project investment of approximately $200 million,” the release stated.
The project seeks the “continuous improvement of the airport facilities for a period of 30-40 years”.
The Canadian group has proposed to double Owen Roberts Airport’s current capacity, make short term safety upgrades and said its plan would generate “significant employment opportunities”.
Meetings were held with stakeholders and other interested parties on the project between 17-19 October.
Those included discussions between the Canadian team, Paramount and the Cayman Islands Tourism Association; meetings with the Cayman Islands Airports Authority, Cayman Enterprise City and the Cayman Islands Chamber of Commerce. The group also met with government members and the auditor general’s office.