Fact Sheet: Staten Island Ferries and Ferry Terminals
New York, NY
Approved FY 2000
Retired: Paid in Full
Borrower
http://home2.nyc.gov/html/dot/html/ferrybus/statfery.shtml
New York City Department of Transportation and TSASC, Inc., a special purpose not-for-profit state corporation authorized to issue bonds secured by tobacco settlement revenues.
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 Status
Renovation of the St. George Terminal and Whitehall Terminal is complete. All ferry vessels have been delivered and are in revenue service.
Funding Sources
Anticipated funding sources are as follows (dollars in millions):
- Bond proceeds: $274.3
- TIFIA loan: 159.2
- Federal grants: 47.0
- State grants: 1.8
- Total: $482.2
TIFIA Credit Assistance
Direct loan: $159.2 million.
Date of credit agreement: December 19, 2001.
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.
TIFIA Financial Performance
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.