The proposed John C Munro Hamilton International Airport aerotropolis will directly create 24,360 jobs and $66 million in yearly tax revenue for the City of Hamilton, according to a draft report prepared by consultants and released on Monday (July 5).

The 1,173-hectare Airport Employment Growth District (AEGD) will be driven by advanced manufacturing, warehousing, transportation, logistics, business services, accommodation and food service industres, according to the report by Watson & Associates Economists Ltd in association with WCM Consulting Ltd and Dillon Consulting Ltd.

The average land value for vacant land will be between $250,000 and $300,000 per acre it states, while the AEGD will also provide "significant spin-off employment and induced economic impacts."

Capital costs associated with the AEGD would be funded primarily through growth revenues with the city taking steps to minimise the risk to the taxpayer, but infrastructure will cost about $351 million, with $115 million funded directly by the developers and the rest coming from Hamilton City land charges.

The report was prepared for Hamilton City's Planning and Economic Development Committee to compare the competitiveness of Hamilton's AEGD against other industrial/business located close to major airports in Ontario and the US and is part of the City's public consultation on the AEGD project.

The draft's other findings include:

- The City of Hamilton is well-positioned geographically to potentially benefit from the anticipated gradual shift of employment growth on employment lands from more mature and developed west Greater Toronto Area (GTA) municipalities.

- Other major airports in the region, including Toronto Lester B Pearson International Airport and Buffalo-Niagara International Airport have limited off-site employment land development opportunities.

By Oliver Clark