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
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.
- Bond Proceeds: $274.1M
- TIFIA Loan: $159.225M
- Federal Grants: $47M
- State Grants: $1.8M
Tishman Construction Corp. / Frederick R. Harris, Inc. - Whitehall Terminal construction management
Skanska - St. George Terminal construction management
Manitowoc Marine Group - Ferry manufacturing
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.
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.