City Newspaper Archives - 3/2007
FERRY: Euroferries deal dead, another surfaces
Published by Tim Louis Macaluso on Mar 19, 2007
Mayor Robert Duffy confirmed today that Euroferries' near-$30 million deal to buy Rochester's fast ferry is dead.
"There were too many conditions attached to the offer," Duffy said at a press briefing. "And we stepped away from the negotiating table." But, he said, the city has another offer.
Corporation Counsel Tom Richards flew to Nova Scotia last week, where the ferry is docked, and met with representatives from Euroferries and three other parties interested in the vessel. It's one of those three that has made an offer.
Anticipating a problem with the 10-month old Euroferries deal, Richards said, "We've been working for months on this. We haven't focused all our attention on Euroferries."
Richards said he couldn't disclose Euroferries' deal-breaking conditions, though one involves financing. He also would not comment on the new offer, except to say it is "credible." That, he said, means the company is an established business with a clear need for the ferry and has the ability to finance it.
The company making the offer is located in Europe, he said, and its season begins in 30 to 45 days. Richards said he believes a deal could close in that amount of time.
"In the end, what counts most is to minimize the long-term impact on the taxpayer," he said, referring to questions about why the city didn't lower the price to speed a sale.
