A P3 is a public-private partnership (contractual agreements) formed between a public agency and a private sector entity to allow for greater private sector participation in the delivery and financing of transportation projects.
A P3 agreement the between the Airport Authority, the City of Gary and private management company will provide:
- financial investment and capital for the airport and surrounding properties;
- management and operations of the airport; and
- increased business growth and development.
Potential Economic Impact
The best strategic investments in the airport will:
- attract more businesses from around the world;
- create good-paying jobs; and
- expand ground capacity for better service throughout the Indiana-Illinois region.
The Northwest Indiana Regional Development Authority estimates the economic impact of a revitalized Gary/Chicago International Airport would bring:
- $400 million in capital investment;
- 2,400 direct and indirect jobs; and
- produce an annual economic output of $526 million from airport-related activity.
Please leave a comment. The Gary/Chicago International Airport Authority welcomes your feedback.