Posted on: 11-01-06 10:39:35
Quote:
(January 11, 2006) — Rochester taxpayers likely will be saddled with debt for many years to come and the city will sap reserves, in a stunning announcement by Mayor Robert Duffy Tuesday to shut down the problem-plagued 2-year-old ferry service between Rochester and Toronto.
Duffy ended weeks of speculation in deciding not to back further borrowing to shore up ferry finances and provide for its first full season. Duffy said the financial risk was too great to go further in debt.
"We as a city are bleeding," Duffy said, estimating the city will be faced with repaying $30 million once the ship is sold. "We are now going to stop the bleeding."
Duffy said he will ask City Council to borrow $9.5 million from the city's $12.4 million insurance reserve.
http://www.democratandchronicle.com/apps/pbcs.dll/article?AID=/20060111/NEWS01/601110337
Has anybody used this ferry?
I think this is unfortunate decision.
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A Proud Indian Canadian
I remember that this service was running in losses for a long time and that is why they have taken this decision.
Chandresh
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Chandresh
Advice is free – lessons I charge for!!
Rochestor's economy is not doing well for the last 10-15 years. the major employers in Rochestor (which includes Eastman Kodak) have been suffering losses and laying off staff over the past several years.
It is funny that economy of Detroit which is another border city is also not doing well for the past few years.
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Under cover mosque
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