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U.S. Department of Transportation U.S. Department of Transportation Icon United States Department of Transportation United States Department of Transportation

Staten Island Ferries and Terminals

Staten Island Ferries and Terminals
Project Type
Other Surface Transportation
Financing Type
TIFIA
Status
Credit Agreement Executed
Sponsor/Borrower
New York City Department of Transportation (NYCDOT); New York City Economic Development Corporation (EDC); TSASC, Inc. (a special purpose not-for-profit State corporation authorized to issue bonds secured by tobacco settlement revenues)
Project Description

The Staten Island Ferries and Ferry Terminals project consisted of construction and acquisition of three ferry boats and redevelopment of two ferry terminals, the St. George Terminal in Staten Island and the Whitehall Terminal in lower Manhattan, including new traveler information systems and multi-modal connections to taxis and transit.

The ferry system operates an eight-vessel fleet, serving 70,000 passengers per day on the five-mile, 25-minute ride between Staten Island and Manhattan. The three new ferries accommodate 4,400 passengers each, 25 percent more than previous capacity.

Project Link
NYCDOT Staten Island Ferry Information
Project Details
TIFIA Assistance
$159.00M
Primary Revenue Pledge
Tobacco Settlement Revenues
Project Cost
$482.00M
Fiscal Year Closed
FY2000
Duration/Status
Renovation of the St. George Terminal and Whitehall Terminal complete. All ferry vessels delivered and in revenue service:

The three new ferries were brought into revenue service on January 26 and May 20, 2005 and on April 4, 2006.
The St. George Terminal reopened on May 20, 2005
The new Whitehall Terminal opened on February 8, 2005
Funding Sources
Bond Proceeds: $274.1M
TIFIA Loan: $159.225M
Federal Grants: $47M
State Grants: $1.8M
Project Delivery/Contract Method
Design-Bid-Build (terminals)
Project Advisers/Consultants
Tishman Construction Corp. / Frederick R. Harris, Inc. - Whitehall Terminal construction management

Skanska - St. George Terminal construction management

Manitowoc Marine Group - Ferry manufacturing
Project Lender
Bondholders, USDOT TIFIA
Credit Assistance Detail
Direct loan: $159.225 million. The TIFIA loan was secured by tobacco settlement revenues due to TSASC, Inc. under the Master Settlement Agreement with participating tobacco companies. This agreement requires participating companies to make annual payments to beneficiaries, including TSASC, in perpetuity. TIFIA held a parity lien, with senior bondholders, of $750 million in outstanding TSASC bonds, the proceeds of which were available for other purposes.
Financial Status
TIFIA credit agreement signed on December 19, 2001. Using tax-exempt bonds, TSASC pre-paid the TIFIA loan with interest on February 8, 2006. The loan was repaid 27 years ahead of schedule, saving New York City about $152 million in interest payments. Prior to the loan pay-off, TSASC had made eight timely payments of interest and one of principal.
Innovations
This project introduced to transportation finance the structure of scheduled and mandatory debt service. It was the first time such a structure was used for a transportation project and has since become a standard provision of many TIFIA loans that have uncertain revenues pledged, such as toll road revenue.
Application Details
Applicant
City of New York
LOI Fiscal Year Received
FY2000
LOI Received Date
Application Received Fiscal Year
FY2000
Estimated Project Cost
$375.99M