Antalya Gazipasa Airport

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On April 1, 2008 the State Airports Operations (DHMI) General Directorate and TAV Airports Holding Inc, through its subsidiary TAV Gazipasa Investment, Construction and Operation Inc., signed a 25-year lease agreement for the operation of the Antalya-Gazipasa Airport. Gazipasa Airport was a small airport located near the resort of Alanya in the Antalya province. The airport was built for approximate capacity of .5 million passengers annually in the late 90s but never opened. The DHMI held a tender for the operational rights for the airport on August 31, 2007. Under the lease agreement, TAV Gazipasa Investment, Construction and Operation Inc agreed to make a yearly rent payment of US$ 50,000 + VAT as a fixed amount, until the end of the operation period; as well as a share of 65% of the net profit to the DHMI. Set to open by end of 2009, the airport was undergoing construction and required changes to the runway to increase its capacity to three million passengers annually. In July 12, 2010 the Airport welcomed its first ever flight. payment to Govt constitute cash flow of 50 million annual payment for the next 25 yrs discounted at 10%