Financing Agreement Set for WTC
The Port Authority, New York City and New York state all agreed to pay as much as $1.7 billion to finance construction of two of the towers – but Silverstein will not receive any profits until the public monies are repaid.
August 27, 2010
By Allison Landa, News Editor
Courtesy Flickr Creative Commons user Ross2085
A financing tussle between World Trade Center developer Larry Silverstein and the Port Authority of New York and New Jersey has been resolved.
The Port Authority, New York City and New York state all agreed to pay as much as $1.7 billion to finance construction of two of the towers – but Silverstein will not receive any profits until the public monies are repaid.
“The progress on the site is clear: two of the towers are rising, the Memorial is on track to open next year on the tenth anniversary, the transit hub is underway, and every day thousands of construction workers descend on the site to continue to rebuilding it,” New York Mayor Michael Bloomberg said in a statement. “We remain as committed as ever to working with all the parties to make sure the momentum we’ve achieved is sustained.”
Construction on 1 World Trade Center is now at 350 feet; the skyscraper will eventually rise 1,776 feet.
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