News
Magnetic Media stands by its Report as TCIAA issues statement
By Dana Malcolm
Staff Writer
#TurksandCaicos, July 7, 2023 – The Turks and Caicos Airports Authority has released a statement defending its decision to develop the Howard Hamilton/Providenciales Airport via a public private partnership referencing reported hysteria, they say, was prompted by a report from the Magnetic Media News team on July 2, 2023 after residents reacted to the news.
Magnetic Media stands resolutely behind its report; rejecting any notion that the information contained within was
The facts contained in said report came directly from the TCIAA, by their own admission, in their May 25th statement titled, “UK GIVES GREENLIGHT TO HOWARD HAMILTON INTERNATIONAL AIRPORT REDEVELOPMENT PROJECT,” regarding UK approval to move forward with the redevelopment and engage in a public private partnership of their choosing.
The Magnetic Media news team printed that statement in full on May 29th; giving it also front page billing in our e-newspaper, The Magnate.
On June 16th, Cabinet revealed they had also greenlighted the project in a June 14th meeting which prompted a Magnetic Media report containing these facts, as shared by the TCIAA.
As investors expressed aggressive interest in partnering with the TCIAA, The Authority did extensive consultation with stakeholders in the aviation industry regarding the redevelopment of the airport, before deciding that a PPP was a viable option.
“In the last quarter of 2021, the Government received various unsolicited presentations for the redevelopment of the Airport, all of which varied in size of scope and proposal, making it abundantly clear that a consultancy was required to present the best options,” the statement said.
They then presented a business case to the UK asking for approval to move forward with the PPP as referenced in their May 25 statement.
While the exact terms of that PPP contract are yet to be determined or released to the public, the TCIAA and the Government made it clear in the joint statement they were ready and willing to share both the risk and the reward for the redevelopment with a private partner.
“Under the proposed program, the TCIAA will retain ownership of the Airport with a maximum 30-year period for the funding/payback arrangement. It is envisioned that through a meticulously designed and executed procurement exercise involving a pre-qualification stage, a renowned international airport operator could be engaged for the operation and maintenance of the Airport, while the construction of the terminal will be via a local investor or a consortium thereof,” they said.
Despite the finer details having not been released, the public was informed by the Authority that the PPP would see significant investment from whichever private partner they choose, which will be repaid over time.
“There will be no impact on TCIG’s debt status. TCIG’s remuneration would result from a structured revenue share scheme or dividend repayment policy depending on whether the project is structured as a PPP or developed with Public funding/financing,” the statement conveyed.
Both Washington Misick, TCI Premier and Arlington Musgrove, Minister of Immigration went on record expressing confidence in the upcoming plans, and Cabinet has approved the TCIAAs plans allowing the Board to now decide on which partner they will choose to complete the redevelopment going forward.
Musgrove himself maintained that the PPP was not a matter of money.
“The TCIAA and TCIG want the public to know that the decision to pursue a PPP program for the redevelopment is not premised on a situation where the TCIAA and/TCIG cannot self-fund the project,” said Hon. Musgrove, who continued with, “The decision to pursue a PPP is premised on a ‘big picture’ understanding and approach to value for money and the benefits which can be achieved for the greater social good.”
The Authority says its statement defending the PPP was prompted by the public’s reaction to the news.
While the TCIAA has routinely consulted stakeholders on the matter of the redevelopment before making the decision to enter into a PPP, the public has not been afforded the opportunity to have their questions regarding the major redevelopment answered as all communication has come in the form of static statements, not press conferences.
Magnetic Media is committed to true and fair reporting and bears no responsibility for, nor can the team control, or seek to sway, the reaction of the public to facts.
All facts in the report came directly from the TCIAA and Government officials.