From Wednesday, October 17, through Friday, October 19, meetings were held in Georgetown, Grand Cayman, Cayman Islands between key Cayman Islands Government agencies and a Canadian team led by the Canadian Government to advance the Cayman Islands Airport Redevelopment Project - specifically the redevelopment of Grand Cayman’s Owen Roberts International Airport.
Key executives from Cayman-based Paramount Group, Kenny Rankin, Paul Rankin, David Rankin as well as Edward Jerrard, a well known local aviation expert, also participated alongside the Canadian team.
On Wednesday, October 17, 2012, the Canadian team and Paramount met with the Cayman Islands Tourism Association.
On Thursday, October 18, 2012 meetings continued with senior representatives of the board of the CIAA as well as CIAA senior management, the directors of the Cayman Enterprise City and the board of the Cayman Islands Chamber of Commerce.
Meetings were held on Friday, October 19, 2012 with members of the Cayman Islands Government Caucus and wrapped up with discussions with the Auditor General.
The Canadian team is proposing a privately financed, long-term airport concession that will not require any Government funding. The proposal includes a significant upfront payment to the Cayman Islands, a healthy ongoing revenue share to the CIAA, material fiscal savings to the Cayman Islands by transitioning civil servants to the private sector and an overall proposed project investment of approximately $200M, in addition to the operation and continuous improvement of the airport facilities for a period of 30-40 years.
Positive feedback was received at all meetings to the Canadian team’s proposed doubling of current airport capacity, important short term safety upgrades, and the generation of significant employment opportunities, all at no cost to the Cayman Islands. Further discussions involved a dramatically improved customer service experience by modernizing and improving terminal passenger flows and in all respects improving the airport services and experience to match the international standing of the Caymans as a premier tourist destination and global financial centre.
Discussions also focused on an enabling environment for future economic growth by upgrading infrastructure required to support and facilitate many private business initiatives, which of course would drive further economic benefits to the Cayman Islands.
Canada, through he Canadian Commercial Corporation, offers the advantage of contracting for the delivery of complex infrastructure projects on a Government-to-Government basis. Simplified acquisition, reduced risk and an enhanced bilateral relationship are key advantages of this approach. Collaborative project definition and planning are the foundation of the project development and implementation process proposed by the Canadian team.
Quality, value for money and integrity were key in all the discussions and the participation of the Canadian Commercial Corporation in the project, as Prime Contractor, provides the reassurance of a guarantee of contract performance from the Government of Canada. Further, the well-proven rapid deployment acquisition model of a Government-to-Government negotiation framework can dramatically reduce implementation timeframes and transitions risk for the Cayman Islands.
About Canadian Commercial Corporation (CCC)
CCC, a Crown Corporation wholly-owned by the Government of Canada, reports to the Canadian Parliament through the Minister of International Trade and acts as Prime Contractor to other governments and their agencies, international organizations and private sector buyers of goods and services from Canadian suppliers. The CCC mandate is to facilitate trade between Canada and other nations and does this by facilitating acquisitions from Canada through Government-to-Government contracting. A contract signed by CCC brings with it the Government of Canada’s assurance of contract performance.
Canadian Commercial Corporation
50 O'Connor Street, 11th floor
Ottawa, Ontario K1A 0S6
P: 613-996-0034 / F: 613-995-2121
For more than 50 years, the Paramount Group (paramountmedia.ky) has continued the legacy of its founder, Kent Rankin, in developing fiscally responsible and innovative business solutions that are shaping the future in construction, media, farming and marine technology on all three Cayman Islands – Grand Cayman, Cayman Brac and Little Cayman. This family-owned business conglomerate includes Paramount Carpet and Tiles, the largest retailer of its kind in the Cayman Islands; Dolphin Custom Cabinets, showcasing the highest quality cabinetry available in the Cayman Islands; Paramount Media, the home of two of the most popular radio stations, SPIN 94.9 FM and VIBE 98.9 FM; Monster Media, the island’s most influential advertising and marketing agency, as well as the premier event planner on the islands with events drawing worldwide media attention and attendance including John Legend, Million Dollar Run and Jet Around Cayman, in its 17th year; Tech Marine, the most technologically advanced marine service company on the islands; and one of the largest farms on the island, Rankin’s Farm. Giving back to the community is key to Paramount Group whose corporate responsibility efforts include a heavy focus on youth and education founding The Achievement Centre pre-school in Prospect, Grand Cayman. Paramount Group is proud have such a positive influence in the Cayman Islands and its citizens having built more than 500 homes, condos and apartments on Grand Cayman and Cayman Brac. The Paramount Group continues to look towards the future within the Cayman Islands and beyond as it continues to grow and embrace additional business units.
Cayman and Canada to Advance the Cayman Islands Airport Redevelopment Project.