Meanwhile, Toronto’s Pearson International Airport has prepared a detailed policy paper on how a partial privatization of the airport could raise funds toward as much as $12.6-billion in new local and regional public transit that connects to the airport.
The plan proposes a $6-billion high-speed rail line connecting Windsor, London, Kitchener-Waterloo and Toronto. The airport suggests high-speed rail would reduce the need for short-haul flights, freeing up runway capacity for more long-haul international flights.
The Globe and Mail obtained a copy of the 39-page report, dated January, 2017, and marked confidential. The report has not been made public but its content was first reported Tuesday by the Toronto Star.
The transit projects near the airport could be financed in several ways, said one aviation-industry source familiar with Pearson’s proposals, but the current discussions centre on some form of private investment in the airport.
“It would be more challenging for the airport to raise the funds itself, but it’s not impossible,” the source said.
The key to the airport’s proposal is to turn the facility into a megahub – defined as an airport that serves more than 50 million passengers annually – with 20 million of them going to or coming from international destinations.
Pearson set a record last year when 44 million passengers travelled through it.
No decisions on airport privatization were announced in this month’s federal budget, but officials say the government is still reviewing its options.