TAMPA, Fla. - The Cross Bay Ferry is one step closer to setting sail again, but under a new name: the Tampa Bay Ferry .

It comes after a contract issue with the last vendor ended the service in April. The Pinellas Suncoast Transit Authority now oversees the ferry that sails between St. Pete and Tampa .

What we know:

Thursday, leaders in both cities gave the okay for financial support for the ferry.

"It’s a whole new day in Tampa Bay for waterborne transit," Darden Rice, the chief planning and community affairs officer for PSTA, said.

Tampa and St. Pete City Councils approved a five-year, interlocal agreement at separate meetings on Thursday. It commits each city to $350,000 towards operating costs annually.

The St. Pete City Council unanimously approved the item, while Tampa

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