Chicago OKs tour boat agreements on Chicago River

Chicago OKs tour boat agreements on Chicago River

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CHICAGO (Associated Press) -

Chicago is hoping to cash in on popular boat tours along the Chicago River.

The City Council on Wednesday approved new tour boat license agreements at two Chicago River docks, which officials say should generate $43 million for the city over the next decade.

Wendella Sightseeing Co. will operate on the north side of the river, west of Michigan Avenue. Mercury Skyline Yacht Charter will operate from the south side, east of Michigan Avenue.

The 10-year agreements would include a minimal annual guarantee for the use of the city's docks. The amount would escalate by 3% annually, and companies would pay a fee of 5% of their annual gross revenue.

Mayor Rahm Emanuel calls tour boat operations "a colorful and valued amenity for visitors to Chicago's downtown."

Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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