Thank you very much, Madam Chair.
Minister, nearly every response that you have given concerning the Toronto Island expansion and Bombardier's C Series has been to praise Air Canada's letter of intent to purchase the plane. Air Canada announced that it had signed a letter of intent to purchase the C Series aircraft on February 17, 2016. We're nearly three months after your tweet that unilaterally ended Toronto City Council's process to determine the future of the Billy Bishop airport. Therefore, Air Canada's signing a letter of intent to purchase the C Series is not justification for your decision. It was already made.
Furthermore, Air Canada signed a letter of intent with a two-year negotiation window. No money has changed hands, and none will for several years. Neither Bombardier nor Air Canada has announced the price they have agreed on for the C Series aircraft, but it is believed to be under $30 million per unit, which is far below the break-even point for Bombardier. Assuming Air Canada's letter of intent leads to orders at the end of the two-year negotiating window, planes are scheduled to be delivered beginning in early 2020, after deliveries of Boeing 737 MAX aircraft are completed and assuming no delays take place during production.
I should also note that the Quebec government has already acquired a 49% share of the C Series program for $1 billion.
If it is the intention, as you signalled today, of this Liberal government to purchase the remaining portion of this program, are you concerned with the implications of having effectively nationalized Bombardier and the C Series? Do you actually believe that you should be promoting a private business decision made by Air Canada as the justification for why you unilaterally shut down the City of Toronto's process to determine whether or not to allow the expansion of the city airport?