(Above) Chicago Water Taxi Bravo and another Wendella boat docked near Trump International Hotel & Tower on September 15, 2012.

March 13, 2013 – The City of Chicago will earn more than $42 million over the next decade off two tour boat operators for use of docks on the Chicago River.

Over ten years starting in 2013, Mercury Skyline Yacht Charters, Inc. will pay the city about $30.9 million to operate on the south side of the main branch of the river, east of Michigan Avenue. Wendella Sightseeing Company will pay $11.5 million to operate on the north side of the river, just west of Michigan Avenue.

The license agreements were approved by the city council on Wednesday. The figures represent a minimum amount guaranteed each year that increases by three percent annually – plus five percent of each company’s gross revenue.

“Tour boat operations along the Chicago River are a colorful and valued amenity for visitors to Chicago’s downtown,” said Mayor Rahm Emanuel in a news release on Wednesday. “This renewed partnership will keep tour boats floating down the river while generating significant revenue for the City of Chicago.”

The Chicago Department of Transportation recently issued a request for proposals for use of the docks.