December 22, 2004

Rochester set to bid on ferry

The City of Rochester, N.Y., is now set to bid for the fast ferry formerly operated by Canadian American Transportation Systems.

Local media report that the city council last night voted 8-1 in favor of a plan proposed by Mayor William Johnson.

Under that plan the city will set up a not-for-profit corporation to operate the ferry and will use a loan of up to $40 million from Australia's EFIC (Export Finance Insurance Corporation) to buy the ship when it is auctioned February 28, 2005. The loan reportedly will be payable over 15 years at 3.5 percent interest.

We'll have more detailed coverage of this story in the next issue of FERRIES & FAST CRAFT NEWS!

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