On December 15, 2011, 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 Borden Ladner Gervais LLP with a team that included Richard Shaban, William McLean, Shane Pearlman, Andrew Smith and Kalvin Sie.

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.