RESEARCH PAPER.docx - Stephenson1 Fayth K Stephenson...

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Stephenson1 Fayth K. Stephenson Independent Research Prof. D’Ambrosia 11 April 2018 Tethered to The Tides of The River In the city that never sleeps, the waters surrounding it never sleep either. There is a constant stream of commuters between New Jersey and New York to tour the Big Apple, or to get to their work on time. Since its beginning in 1986, New York Waterway has faced its highs and lows. Ultimately, it is an essential organization to New York which not only benefits the economy and the people, but also preserves the American Dream. New York Waterways founder, Arthur Imperatore Sr., had a vision to revolutionize the commuter ferry service and revitalize the New York waterfront. Although it began as just an idea, New York Waterway has grown into an essential organization of the New York Harbor. Without New York Waterway, the waterfronts might still be highly industrial, and New York City might not have as great of an economy. Arthur Imperatore Sr., purchased nearly two miles of waterfront in Weehawkin, New Jersey in an attempt to build his vision of a five-billion dollar, Venetian city. Although the area never became the venetian city that he imagined, his ferry boats helped to market developments within New York by providing easier access to Manhattan. Without this opportunity, housing developers might be in a fight with the government about housing costs because of a lack of incoming people who are searching for new places to reside.
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Stephenson2 New York Waterway has also built new, state of the art terminals in Hoboken and near the World Financial Center. Other terminals were eventually built in Weehawkin and Midtown. These waterfront renovations are the key to improving the image of the waterfronts (Balgi & Flynn). In addition to directly benefiting the waterfronts, New York Waterway spurred government spending. In the past, the government spent nearly twenty seven-million dollars in subsidies, twenty six million in loans, and two hundred fifty million to construct new terminals. After 9/11, the government granted over twenty seven million dollars to cover for emergency ferry service in the event of another horrific situation. Since 9/11, the government has said that it is more than ready to pay two hundred percent for an increase in ferry service, if there was a warranted demand. Although the government has provided ample funds to New York Waterway, many officials agree that without ferries, the economy of lower Manhattan will collapse (Balgi & Flynn). Many people might be concerned with the amount of government financial support, but New York Waterway does not receive a dime of the subsidies, as fares have to cover the cost of operation and their financial support has to cover exactly what the government grants it for.
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