New York City
|Project Sponsor / Borrower||
New York City Department of Transportation (NYCDOT)
New York City Economic Development Corporation (EDC)
TSASC, Inc. (special purpose not-for-profit state corporation authorized to issue bonds secured by tobacco settlement revenues)
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.
Total cost - $482.2 million
Bond proceeds - $274.3 million
TIFIA loan - $159.2 million
Federal grants - $47 million
State grants - $1.8 million
|Project Delivery / Contract Method||
|Project Advisors / Consultants||
Tishman Construction Corp. / Frederick R. Harris, Inc. - Whitehall Terminal construction management
Skanska - St. George Terminal construction management
Manitowoc Marine Group - Ferry manufacturing
Bondholders, USDOT TIFIA
|Duration / Status||
Renovation of the St. George Terminal and Whitehall Terminal complete. All ferry vessels delivered and in revenue service:
|TIFIA Credit Assistance||
Direct Loan - $159.2 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 / Financial Performance||
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.
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