Home / Today's Top Stories / City OKs Maplestar lease buyout

City OKs Maplestar lease buyout

The port of Rochester has returned to city ownership after City Council unanimously approved a $400,000 buyout of a 40-year, $1 a year lease with Maplestar Development Co. LLC.
City officials have been negotiating with Maplestar principals Brian Prince and Dominick DeLucia on the lease since shortly after the failure of Rochester fast ferry operator Canadian American Transportation Systems LLC. Maplestar is a CATS subsidiary.
Rochester Mayor Robert Duffy announced the settlement late last month. City officials say the $400,000 payout is worth it to allow the city to develop the port area, including the largely vacant fast ferry terminal.

(c) 2008 Rochester Business Journal. Obtain permission to
reprint this article.


Check Also

Stephen A. Rossi

Gold’s has a place in a well-diversified investment portfolio (access required)

  According to MEC Mining, an Australian-based, globally active mining consultancy, up to 80 percent of the gold that is ...