Deal Reached on Ground Zero Development

NEW YORK, March 25 (UPI) — Officials and developers Thursday announced tentative agreement on a plan to construct two skyscrapers at the site of the Sept. 11, 2001, attacks in New York.

The Port Authority, government officials and developer Larry Silverstein said the deal involves as much as $1.6 billion in public financing and subsidies, The New York Times reported. The Port Authority would provide about $1 billion in financing for a 64-story tower to be constructed by Silverstein, to be completed in 2013, the newspaper said.

If Silverstein can raise $300 million in cash and arrange a sufficient number of corporate leases for a larger second tower, the city, state and Port Authority would then provide as much as $600 million in aid for that structure. If he cannot, plans call for Silverstein to construct a five-story building, also by 2013 — leaving open the option to add the tower to the structure.

The deal calls for Silverstein to share the profits from the first tower and forgo development fees on the second structure until public funds are repaid, the Times said.

Silverstein was leasing the trade center from the Port Authority at the time the twin towers were destroyed in the 2001 attack.

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Categorized | Homes & Buildings, Other
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