Degise to Bail out NY Waterway

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Degise to Bail out NY Waterway

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Posted by Degise wasnts county to foot $50 million bill on November 18, 2004 at 10:40:19:

The proposed bail-out of NY waterways is yet another example of the extent County Executive Tom Degise will go to reward HCDO contributors.
From one side of his mouth he says the Imperitore family will not get a dime, but then he wants the county to assume $42 million in debt and fund a operating loss of $500,000 per month! Is there no limit to the contempt you have for the taxpayes Mr. Degise?

NY Waterway served a purpose, and made a ton of money, when the PATH was out of service after 911, but now PATH is up and running and since employment never recovered in downtown NY, there is no need for the extra capacity. Lets not forget, Hudson county got along just fine without ferry service until the Imperatore family decided to start the service.

Besides at $5 a trip its more than twice the cost of PATH. This only serves people living along the waterfront who can afford the price and is a consession to the business in the Exchange Place. I'am sure Tommy will be calling on them with his hand out for contributions for his re-election.

Full Story in Star Ledger:

Critics take aim at county's ferry plan
Hudson looks to buy foundering service
Thursday, November 18, 2004
BY JOE MALINCONICO
Star-Ledger Staff
Hudson County's proposed acquisition of NY Waterway's failing ferry operation came under criticism yesterday from several local elected officials.

The critics -- including Assemblyman Lou Manzo and Freeholder William O'Dea -- questioned why the county would take on the financial risk of a ferry service that is losing hundreds of thousands of dollars a month, especially when many riders come from other parts of the state.

They argued that the Port Authority of New York and New Jersey or NJ Transit would be better suited to provide the ferry service if NY Waterway goes out of business.

Several members of the Hoboken City Council also speculated yesterday that the county's quick intervention in the ferry crisis stemmed from the cozy relationship between key political leaders and the ferry company's owner, Arthur Imperatore Sr.

Imperatore and his companies have made political contributions to campaigns in Hudson County and statewide.

But Hudson County Executive Tom DeGise said the county had no choice but to step in to try to salvage the ferry services that handle about 32,000 passenger trips a day because the Port Authority and NJ Transit were not willing to take on the job.

"We're not looking to subsidize anybody and we're not looking to bail anybody out," DeGise said. "To let this go belly up is not acceptable to us. These services are vital to Hudson County."

DeGise said the county is looking at borrowing enough money to cover NY Waterway's $20 million loan from J.P. Morgan Chase, which is due for payment, as well as its monthly operating losses of about $500,000. As part of the acquisition, the county also would be responsible for NY Waterway's $22 million loan from the U.S. Maritime Administration for the purchase of 19 boats, he said.

The county, through its improvement authority, eventually would eliminate or scale down some of the money-losing ferry routes and sell off some of NY Waterway's boats, officials said.

"The Imperatore family won't get a dime out of this," DeGise said.

NY Waterway this week issued notices to its employees warning that the company may be laying them off within 60 days. The Port Authority, which oversees the ferry routes at Hoboken Terminal, said it has been negotiating with several other private operators who might be willing to fill the void if NY Waterway shuts down. But the agency has not looked at picking up the Weehawken, Jersey City or Monmouth County routes.

Meanwhile, NJ Transit and the New Jersey Department of Transportation are taking a wait-and-see approach.

"The Department of Transportation's position has not changed in four weeks; we're waiting for NY Waterway to tell us what their plan is," transportation spokesman Joseph Fiordaliso said. "We continue to monitor this situation very closely to make sure that ferry service is maintained."

Joe Malinconico covers transportation. He can be reached at jmalinconico@starledger.com or at (973) 392-4230.

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Comments:
: The proposed bail-out of NY waterways is yet another example of the extent County Executive Tom Degise will go to reward HCDO contributors.
: From one side of his mouth he says the Imperitore family will not get a dime, but then he wants the county to assume $42 million in debt and fund a operating loss of $500,000 per month! Is there no limit to the contempt you have for the taxpayes Mr. Degise?

: NY Waterway served a purpose, and made a ton of money, when the PATH was out of service after 911, but now PATH is up and running and since employment never recovered in downtown NY, there is no need for the extra capacity. Lets not forget, Hudson county got along just fine without ferry service until the Imperatore family decided to start the service.

: Besides at $5 a trip its more than twice the cost of PATH. This only serves people living along the waterfront who can afford the price and is a consession to the business in the Exchange Place. I'am sure Tommy will be calling on them with his hand out for contributions for his re-election.

: Full Story in Star Ledger:

: Critics take aim at county's ferry plan
: Hudson looks to buy foundering service
: Thursday, November 18, 2004
: BY JOE MALINCONICO
: Star-Ledger Staff
: Hudson County's proposed acquisition of NY Waterway's failing ferry operation came under criticism yesterday from several local elected officials.

: The critics -- including Assemblyman Lou Manzo and Freeholder William O'Dea -- questioned why the county would take on the financial risk of a ferry service that is losing hundreds of thousands of dollars a month, especially when many riders come from other parts of the state.

:
: They argued that the Port Authority of New York and New Jersey or NJ Transit would be better suited to provide the ferry service if NY Waterway goes out of business.

: Several members of the Hoboken City Council also speculated yesterday that the county's quick intervention in the ferry crisis stemmed from the cozy relationship between key political leaders and the ferry company's owner, Arthur Imperatore Sr.

: Imperatore and his companies have made political contributions to campaigns in Hudson County and statewide.

: But Hudson County Executive Tom DeGise said the county had no choice but to step in to try to salvage the ferry services that handle about 32,000 passenger trips a day because the Port Authority and NJ Transit were not willing to take on the job.

: "We're not looking to subsidize anybody and we're not looking to bail anybody out," DeGise said. "To let this go belly up is not acceptable to us. These services are vital to Hudson County."

: DeGise said the county is looking at borrowing enough money to cover NY Waterway's $20 million loan from J.P. Morgan Chase, which is due for payment, as well as its monthly operating losses of about $500,000. As part of the acquisition, the county also would be responsible for NY Waterway's $22 million loan from the U.S. Maritime Administration for the purchase of 19 boats, he said.

: The county, through its improvement authority, eventually would eliminate or scale down some of the money-losing ferry routes and sell off some of NY Waterway's boats, officials said.

: "The Imperatore family won't get a dime out of this," DeGise said.

: NY Waterway this week issued notices to its employees warning that the company may be laying them off within 60 days. The Port Authority, which oversees the ferry routes at Hoboken Terminal, said it has been negotiating with several other private operators who might be willing to fill the void if NY Waterway shuts down. But the agency has not looked at picking up the Weehawken, Jersey City or Monmouth County routes.

: Meanwhile, NJ Transit and the New Jersey Department of Transportation are taking a wait-and-see approach.

: "The Department of Transportation's position has not changed in four weeks; we're waiting for NY Waterway to tell us what their plan is," transportation spokesman Joseph Fiordaliso said. "We continue to monitor this situation very closely to make sure that ferry service is maintained."

: Joe Malinconico covers transportation. He can be reached at jmalinconico@starledger.com or at (973) 392-4230.

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