The Province of Ontario, as represented by Infrastructure Ontario and Metrolinx, reached financial close with AirLINX Transit Partners Inc. to design, build and finance the three-kilometre “spur line” for the Air Rail Link and a new passenger station at Toronto Pearson International Airport (the “Airport”).
Upon completion, the Air Rail Link service between Toronto's Union Station and the Airport will branch off the Weston Subdivision (GO Georgetown corridor) and connect to the new passenger station at Terminal 1. The fixed price contract with AirLINX Transit Partners Inc. is for $128.6 million and construction is expected to be completed by summer 2014 with the Air Rail Link being in service in time for the TO2015 Pan / Parapan American Games.
Financing for the project was provided by Canadian Imperial Bank of Commerce, Laurentian Bank of Canada, National Bank of Canada, and The Toronto-Dominion Bank. National Bank Financial Inc. acted as Financial Advisor to the consortium.
Metrolinx and Infrastructure Ontario's legal team were led in-house by Eric Tilley, Senior Legal Counsel with Infrastructure Ontario and by a team from Borden Ladner Gervais LLP (BLG) that included Richard Shaban, Donald Pierce, William McLean, Shane Pearlman, Andrew Smith and Kalvin Sie.
AirLINX Transit Partners Inc. (a joint venture between Aecon Construction and Materials Limited and Dufferin Construction Company – a division of Holcim (Canada) Inc.) was represented by McMillan LLP with a team that included Catherine Doyle, Andrew McFarlane, David Debenham, J.R. Beaudrie and Maria Sagan. Aecon was represented in-house by Colin Sam and Charles Todd. Holcim was represented in-house by Jennifer Good.
National Bank Financial Inc. and the Lenders were represented by McCarthy Tétrault LLP with a team that included Stephen Furlan, Lynn Parsons, Jody Aldcorn and Sarah Bird.
Closing concurrently with the Financial Close of this project was a forty-five year agreement (with the possibility of extensions) between Metrolinx and the Greater Toronto Airport Authority (“GTAA”) defining the terms of access to the Airport for the purposes of construction of the Air Rail Link infrastructure and the subsequent operation and maintenance of the Air Rail Link service by Metrolinx.
Metrolinx's legal team was led in-house by Mary Martin, General Counsel, and counsels Alba Taylor and Brenda Mothersill.
GTAA's legal lead was Legal Counsel Gerald Carpenter, supported by Osler, Hoskin & Harcourt LLP's Rocco Sebastiano and John Macfarlane (corporate) and Adrian Hartog (property title matters).