Vancouver International Airport (YVR) and the Musqueam Indian Band announced Wednesday (June 21) they have signed a 30-year revenue-sharing agreement “for a sustainable and mutually beneficial future for the community.”
YVR shares its land with the Musqueam, the only First Nations band whose reserve community lies within boundaries of the City of Vancouver. Under the agreement, YVR will commit 1% of annual gross revenue to the Musqueam Indian Band over the next 30 years; according to YVR’s 2016 annual gross revenue, this will total approximately $5 million.
Vancouver Airport Authority president and CEO Craig Richmond and Musqueam Chief Wayne Sparrow signed the “historic” agreement at the Landmark Aviation Hangar, saying it will shape the future of the two parties’ relationship.
“This is a day that celebrates not only our shared history but a future we will create together,” Richmond said at a press conference.
“The true value [of this agreement] is in the evolving relationship with Musqueam that will lead to much deeper ties for our shared future.”
YVR will also fund up to 10 scholarships per year for $10,000 each for Musqueam members to attend educational or training programs.
Additionally, the two parties will work together to help secure the sustainability of the land and will appoint a relationship manager from the Musqueam along with a committee that will identify joint business opportunities.