Helping the Prince Rupert Airport through some challenging times will be a topic for tonight's Council Session |
With the Prince Rupert Airport hard hit by the suspension of Air service by Air Canada a couple of times in the last year, City Council members will hear a recommendation tonight to extend the timeline to a partnership agreement between the City of Prince Rupert and the Prince Rupert Airport Authority.
The history of the arrangement goes back to 2013 when the City patterned with the Airport Authority for the provision of a loan for Airport upgrades, the terms of the agreement to be 20 years ending in 2034.
Corinne Bomben, the City's Financial Officer, will outline tonight in her report to Council how the airport has faced challenges in meeting their obligations under the current agreement, with the CFO recommending an extension of the partnering agreement to 23 years.
Should Council approve the request, under the proposed extension, the Airport will resume making principal repayment to the City in 2023 and end in 2037.
Ms. Bomben's report also notes that the city will be using COVID Safe restart grid funding towards airport obligations, the full report can be reviewed below, it is also posted to the Council Agenda for tonight's session.
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