Why I support airport project
I support the airport project for all the right reasons: off-book, on-time and on-budget guarantees, replacing a failing terminal and moving it to a safer location.
Operationally, it is a no-brainer. Financially, it's a resourceful solution given Bermuda's severe debt challenge. But recently, I had the opportunity to hear representatives of Aecon, the prime subcontractor, provide one more reason to believe this is the right project for Bermuda that I had not picked up on before.
It has to do with the project's revenue targets. Consider this: project revenue needs are based on air traffic volumes growing 0.75 per cent a year across 30 years, starting from our 2010 levels. If revenue falls below the target line in any given year, then the Government has to commit the difference to a special fund that may or may not get claimed, depending on continuing performance.
Opposition leader David Burt has been warning that this aspect could become a financial albatross. But is it really? Consider this: if Bermuda achieves that 0.75 per cent traffic target each year, we will by Year 30, reach the total traffic volume that Bermuda reached in 2007. That's 30 years to get business traffic to the level we reached in 2007.
People, this is very doable.
So please keep that in mind when parliamentarians debate the legislation on Friday. My vote is for a “go”.
Let's have some confidence. Let's have some trust. Let's get together and do this. Let's build the future.
One Bermuda Alliance