Chappy ferry agreement amended and approved

Plus a potential push for more parking on Chappaquiddick.

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Edgartown Board of Selectmen approved an amendment on a Chappaquiddick ferry agreement Tuesday. — Brittany Bowker

Updated Sept. 5

An amended Chappaquiddick Ferry agreement was approved Tuesday by the Edgartown board of selectmen. In the event of a catastrophe, the ferry, owned by Peter Wells and Sally Snipes, is backed by Martha’s Vineyard Bank. It was formerly backed by Santander Bank.

The Martha’s Vineyard Bank is lending $2 million, plus a $100,000 line of credit, to the Chappaquiddick Ferry, according to attorney Doug Sederholm. The agreement is prepared at the request of the bank to clarify that if a catastrophe should occur, the bank would have the opportunity to cure any default by the ferry. 

“Now, of course, there’s never been a default by the ferry,” Sederholm said. “But in the event that something horrible happens and we didn’t pay our bills, or we did something that the town believes was a breach of license or lease — the town would notify us, and the bank would be able to cure.”

According to Sederholm, Santander Bank loaned the money that was involved in purchasing the ferry 12 years ago. Their loan recently expired. 

“Santander Bank does not want to be doing commercial loans on Martha’s Vineyard,” Sederholm said. “Shame on them, but they don’t.” Martha’s Vineyard Bank “was delighted” to offer Wells and Snipes the loan when they approached the bank, according to Sederholm. 

“The bank wants to make sure the ferry runs properly,” Sederholm said. “This is just about 14 extra pairs of suspenders.” 

Town administrator James Hagerty clarified that the town still has a hand in ferry operations. 

“If the Chappy Ferry goes south, there’s statutory timelines,” Hagerty said. “It’s not going to be, ‘Hey Peter, it’s you and the bank, figure it out.’”

In other news, Chappaquiddick residents Robin and Steven Angelilli pitched the idea of more parking on the Chappaquiddick side of the Chappy Ferry. They received a parking ticket on July 4, sparking the push. “There’s not enough parking,” Robin said. “We don’t have a Park and Ride. We only have a parking lot and Land Trust.”

According to selectman Arthur Smadbeck, the town tried to increase parking on Chappy several years ago, but residents rejected it.

“I understand what you’re saying, but we’re not going to go against the wishes of Chappy residents,” Smadbeck said. “If you all came back to us at the same time — that would be something we could look at … You have to have a group from there saying, ‘We’ve changed our minds.’”

“For every five people who want more parking, there are five people who want less,” Hagerty added.

*Updated to include Chappy ferry co-owner Sally Snipes.