Port Authority Agrees Deal to Finish 3 World Trade Center Tower

Artist's rendering of 3 World Trade. Photo credit: NY & NJ Port Authority
Artist's rendering of 3 World Trade. Photo credit: NY & NJ Port Authority

The Port Authority of New York and New Jersey approved an agreement with developer Larry Silverstein on Wednesday to finance the completion of the stalled 3 World Trade Center project, ABC News reports

The agreement ends months of negotiations due to disagreements between board members over the agency's role.

According to reports, Port Authority executive director Pat Foye said Silverstein will raise the money from the private sector. No public money will be used to guarantee the loans. In a previous plan, the Port Authority would have guaranteed $1.2 billion in loans. 

New York Assembly Speaker Sheldon Silver said, "I am thrilled that the Port Authority has given such a huge vote of confidence in the future of Lower Manhattan. The agreement reached today is a historic achievement that will bring us one step closer to fulfilling our long-held vision of rebuilding the heart of the Downtown business district, which is why I have been urging the Port Authority to approve the financing of this project."

In an April 17, 2014 letter sent to Foye, Silver, State Senator Daniel Squadron and Council Member Margaret S. Chin urged the Port Authority to approve the financing agreement:

"There is a huge amount at stake. In one month, we will open the National September 11 Memorial Museum and once again the world will focus its attention on the 16-acre World Trade Center site. Great progress has been made in recent years but even with three buildings completed, we will have built less than half of the 15 million square feet of office space destroyed on 9/11. Construction of 3 WTC will bring the Port Authority more than $500 million in additional revenue over 15 years."

They closed the letter by stating, "Our Lower Manhattan community has been through so much and residents are looking forward to seeing this area fully rebuilt. We urge you to approve the restructuring deal."

Silver said Wednesday in a statement that the agreement to advance construction will have numerous benefits.  

"Today's action, which frees up a portion of our insurance proceeds to be used for the construction of 3 WTC, permits us to immediately jumpstart vertical construction, employ 3,000 construction workers and stay on target for an early 2018 completion," he said.

Foye said the improving economy and increased leasing activity in downtown Manhattan were important factors in the parties reaching a deal that will involve more private-sector funding.

To read the full article click here.

Sage on the Hudson June 26, 2014 at 02:43 PM
STATE Senator Daniel Squadron, Wendy.


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