Trade Center Financing Rift Still Wide as Deadline Nears

With a deadline approaching, the Port Authority and the developer Larry A. Silverstein have so far been unable to resolve their longstanding differences for rebuilding ground zero, with the authority getting a chilly reception to its latest proposal.

The Port Authority of New York and New Jersey is already building 1 World Trade Center, a $3 billion, 1,776-foot-tall skyscraper formerly called the Freedom Tower; a $3.2 billion transit center; a national memorial, and streets and utilities to serve the site. But there has been a 15-month deadlock on who will finance three additional office towers that Mr. Silverstein, who held the lease on the twin towers when they were destroyed on Sept. 11, 2001, has the right to build at ground zero.

Full Article at NYTs – Click Here

By CHARLES V. BAGLI Published: March 4, 2010

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