RÉSEAU EXPRESS MÉTROPOLITAIN (REM) STATION AT MONTRÉAL-TRUDEAU AIRPORT
LOCATION: MONTRÉAL, QC
Issue/Source: support for the REM STATION AT MONTRÉAL-TRUDEAU AIRPORT
Date: MARCH 17, 2021
Suggested Responses
- The Government of Canada recognizes the importance of the light rail station at the Montréal-Trudeau International Airport, given its place as one of the anchors of the new $6.5 billion Réseau express métropolitain light rail transit network, currently under construction in Greater Montréal.
- The Government is working with Aéroports de Montréal , the Government of Québec, and the Canada Infrastructure Bank to reach a joint funding solution.
- The 2020 Fall Economic Statement proposed $500 million over six years to establish a new transfer payment program to support critical infrastructure projects at large airports, including the Réseau express métropolitain station. The Fall Economic Statement also includes deferral of 2021 rent payments for Aéroports de Montréal.
BACKGROUND INFORMATION
- The Réseau Express Métropolitain (REM) is a new light rail transit network currently under construction in Greater Montréal, consisting of 26 stations and 67 km of tracks. The $6.5 billion project is being developed by the Caisse de Dépôts et Placement Québec Infra (CDPQi), and includes a $1.3 billion investment from the Canada Infrastructure Bank (CIB).
- Due to COVID-19, traffic and revenues at AdM have significantly collapsed and are forecasted to remain greatly reduced in the coming years, returning to 2019 levels by 2024. In the summer of 2020, AdM publicly signaled that it intended to renege on its obligations to build the Montréal-Trudeau Airport REM station and related obligations to CDPQi unless it received significant financial support from federal and provincial governments.
- The Government of Canada has negotiated the terms and conditions of a joint financial package with the CIB, Québec and AdM to support the construction of the $600 million airport station. The package involves a $100 million contribution from Canada, a $100 million loan from Québec and a $300 million loan from the CIB. The parties are in the process of seeking approval for the signature of a non-binding “Protocole d’entente” to finalize the agreement, which is expected by mid-April.