Bermuda’s “new airport” has been signed into being with a redevelopment agreement between Government and the Canadian Commercial Corporation, Finance Minister Bob Richards announced this morning.

The Island will get a roughly new $200 million terminal building, with the expectation of “hundreds” of construction jobs generated.

At a press conference in the Cabinet Office, the Finance Minister hailed the redevelopment plan as “one of the most important capital projects ever undertaken on our island shores”, after signing the agreement with CCC’s Luc Alari.

Groundbreaking could commence as early as next year, with the project potentially taking three years to complete. The project will play “a crucial role in the renaissance of the Bermuda economy”, Mr Richards said, under a public-private partnership with CCC.

Pledging “value for money”, Mr Alari said CCC “also brings a lot of transparency and governance — we are a Canadian Government organisation; this is something we adhere to”.

He added: “We will make sure the project is built on time, on budget and on schedule”.

Tourism Minister Shawn Crockwell and new Junior Minister Vic Ball also attended the signing, which Mr Crockwell called a historic occasion for Bermuda, delivering a “new, attractive and sophisticated modern facility” that would enhance the Island’s tourism product.

“It will impress everyone that passes through it, visitors and locals alike, and it will make that first impression for those coming to Bermuda, a lasting positive impression that is aligned with the Bermuda brand — quality, first class and world class,” Mr Crockwell said.

“The construction of a new purpose built airport terminal is long overdue and this Government was determined to make it happen — we were very cognisant of the many obstacles presented to us and especially the financial implications that could have prevented this from happening. I am most pleased with the financial creativity that has brought us here today.

“This public private partnership between the Bermuda Government and the Canadian Commercial Corporation does indeed represent a renaissance for Bermuda — to our economy and to our product. I know that we can all agree that the success of this project will be legendary.”

Construction is expected to take three years, in a new location that Mr Richards said would be “between the roundabout and Stonecrusher Corner”.

The project’s financing model demanded “total transparency, adhering to international best practices”, he said.

Mr Richards added that the redevelopment would require no initial expenditure by Bermuda — and that the project would be financially self-sustaining.

CCC will select a Canadian developer. Title to the airport and adjacent lands will remain with the Bermuda Government.