I am pleased to officially announce that the New York City Taxi and Limousine Commission (TLC) will be selling the final 308 of the 900 medallions that it is authorized to sell. Of these 308 medallions, 62 will be dedicated for use as alternative fuel taxicabs and 54 for use as accessible taxicabs. Both types of medallions will be offered for sale at a separate auction, with a discounted minimum bid price. The remaining 165 medallions will have the flexibility to be affixed to any vehicle that meets TLC specifications – including alternative fuel and accessible models. The auctions themselves will be held on three dates in June 2006, with sealed bid acceptance three days prior to their public opening. If you were ever pondering the purchase of a medallion, now is the time to seriously consider this unique business and investment opportunity – as these are the last medallions that will be sold for the foreseeable future!
The first question that might cross your mind is whether medallion ownership right for you. To help you make that personal decision, we have organized four (4) informational seminars at which you will find answers to questions about the auction process, medallion ownership, and the state of the industry. They are scheduled at the following dates, times and locations:
May 15th – from 11 a.m. to 1 p.m. and 6 p.m. to 8 p.m. at the Queens Theatre in the Park (Flushing Meadows Park) - free parking is available;
May 18th – from 11 a.m. to 1 p.m. and 6 p.m. to 8 p.m. at OATH (the Office of Administrative Trials and Hearings), located at 40 Rector Street, Manhattan, 6th Floor Hearing Room.
We will also be hosting a Technical Workshop on the bidding process on May 31, 2006, at OATH, 40 Rector Street, 6th Floor. This workshop is designed for those who have already decided that they would like to submit a bid, and may have questions on how to do so. Due to the tight procedures and integrity of the auction process, it is important that you get it right the first time, and the workshop will assist you in doing just that. In addition to this workshop, you may also consult with a TLC-licensed broker.
I encourage you to visit our Medallion Sale Companion Website often, accessible through our main website at www.nyc.gov/taxi. I also urge you to visit www.nyc.gov/register, scroll down to the bottom, and sign up for automatic electronic medallion sale updates. You can also call 311 at any time for more information.
This is an exciting time for all of us, and I look forward to greeting you at the seminars, and hopefully at the workshop as well.