Mr. Speaker, on the 7th May 2021, I advised this honourable House of the payments being made as set out in the Project Agreement between Skyport and the Bermuda Airport Authority. I wish to provide the House with an update on the latest MRG payment made to Skyport earlier this week.
Mr. Speaker, on July 9th Skyport provided the Airport Authority with a formal notice of the shortfall between the actual airport regulated revenue collected for the period from the 1st April to the 30thJune 2021, and the guaranteed minimum regulated revenue for the same period, which was an amount totaling $7,579,778.10.
Mr. Speaker, earlier this year I advised the House that the Project Agreement contains a pre-determined payment schedule of the MRG amounts for each calendar quarter of the 30-year contract. The Government has honoured all of its obligations in this regard, including making this latest MRG payment of $7,579,778.10 to Skyport.
Mr. Speaker, to date we have made four MRG payments to Skyport totaling $32,772,548.48. We received a contractual reimbursement at the end of2020 in the sum of $4,195,088.04 and therefore, to date, we have made net MRG payments to Skyport totaling $28,577,460.44. We expect to make additional MRG payments in 2021; however, we do not have estimated amounts at this time.
Mr. Speaker, the Bermuda Airport Authority continues to do an excellent job in managing this complex matter as part of its oversight responsibilities. The Bermuda Airport Authority has met, and continues to meet, all of its contractual obligations relating to the MRG payments.
Thank you, Mr. Speaker.