The lease arrangement between the Rochester Ferry Co. LLC and the Toronto Port Authority has been terminated, with its outstanding financial obligations resolved, officials announced Thursday.
The 14-year, $3.5 million terminal lease arranged by former Mayor William Johnson Jr. was part of an ill-fated attempt to bring fast-ferry service from Rochester to Toronto. The city was required to pay $250,000 per year through 2014
The ferry company paid off the Toronto Port Authority with $90,000 that was left in its coffers.
Current Mayor Robert Duffy ended the fast ferry operation shortly after taking office in January 2006.
“While the fast-ferry project did not succeed, we appreciate the support of TPA for the project and the professional manner in which it agreed to resolve this matter,” Duffy said in a statement.
A final payment to TPA will be made by the Rochester Ferry Co., with the lease to be terminated and the city, its ferry company and TPA mutually releasing each other from all obligations.
The ferry company board approved the agreement Thursday and to dissolve itself as a limited liability company.
(c) 2009 Rochester Business Journal. To obtain permission to reprint this article, call 585-546-8303 or e-mail service@rbj.net.
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