Maloney asks about ferry contract expiration and extensions
Wong says the Hornblower contract expires in 2028 with two three-year extensions; it is premature to decide on extension or a new RFP.
And when is the current contract up for renegotiation?
Yeah, so NYC Ferry is run through a contract with Hornblower, which is a private company providing the ferry services.
Our current contract has an expiration in 2028, but it also has two three-year extensions that were built in and allow the city with predetermined cost functions, knowing fully what the sort of like future costs are going to be.
Those are all baked into the extension.
So they're non-negotiated extensions that we have available.
And when will EDC decide whether or not they plan to exercise that extension or solicit a new RFP or a new partner?
Yeah, we think it's premature to make decisions today about the future of the system.
We still have two years left on this contract.
So we are paying close attention to it and, of course, at all times keeping a close eye on how the operator is performing.