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Progress at World Trade Center site…..Deal in the offering?

[ The first floors of 1 World Trade Center are rising into the Manhattan Skyline ]

The Port Authority of New York and New Jersey  have been going back and forth about financing the rebuilding of the World Trade Center site in downtown New York City since the place was razed to start rebuilding……

The region has fallen on hard economic times and the Port Authority is reluctant to foot the bill for building the original number of buildings…..Their partner in the sikte…Mega Developed Larry Silverstein got leases with the agency on the first go round without spending much of his own money……

Not so this time….

The Port Authority Board has signalled that they will not go beyond building 1 World Trade Center and one more building with their money…..and are holding out for Silverstein to raise funding for the building of two more building that the Authority will help with..but not be the sole funding source…..

The parties have been court…but agree that a deal should be done to speed up the rebuilding on the site to have some progress by the ten-year anniversity of the attack in 2011…….

Port Authority and other government officials and the developer Larry A. Silverstein have reached a tentative agreement that could resolve a 16-month impasse at ground zero and allow two new skyscrapers to be built on the site.

The Port Authority is already building 1 World Trade Center, a1,776-foot tall skyscraper; a $3.2 billion transit center; the national memorial, and new streets and utilities that serve the site. Mr. Silverstein, who held a lease on the twin towers when they were destroyed and has continued to pay rent to the Port Authority, has the right to build three other towers at ground zero.

Unable to secure financing in the current real estate market or corporate tenants for the three towers, Mr. Silverstein asked the Port Authority to finance them. Under the tentative deal, the Port Authority would finance one of them, a 64-story building on Church Street. The city and Port Authority have already agreed to rent space in the building.

The authority, Gov. David A. Paterson and Mayor Michael R. Bloomberg would agree to secure contributions of equal amounts of money to serve as backup financing for the second, 71-story tower, providing that Mr. Silverstein raises $300 million in cash and signs leases with corporate tenants for a portion of the space, about 400,000 square feet.

All sides have agreed to pool the remaining insurance money from the 9/11 attacks, about $1 billion, and tax-free Liberty Bonds for the two buildings. Mr. Silverstein’s third tower would be delayed until some future date.

More……..

March 25, 2010 Posted by | Breaking News, Government, Media, Other Things, PoliticalDog Calls, The Economy, Updates | , , , , | 3 Comments

The Port Authority needs to send Larry Silverstain packing from the World Trade Center site………

The developer has been a thorn in the side of the Port Authority, The state ‘s of New York and New Jersey, The City of New York and everybody else…while the developer has done a good job with his own projects….one get the idea that his meddling in the project had become counter-productive to moving ahead with the rebuilding at the site……

I’m no lawyer but at some point people have to say enough….even if the State’s (who co own the Authority) have to get some government help in divorcing the developer from the operation….

…..enough is enough……

January 6, 2010 Posted by | Government, Law, Media, Men, Politics, September 11 | , , , , | Leave a comment

THe USS New York comes home to the City to be christened……the ship has WTC steel in it……

The ship, the USS New York, the US Navy’s newest, is a amphibous transport, that carries Marines and their equipment, and was built by Northrop Grunman Ship Systems in Avondale, La…….the ship has 7.5 tons of steel in its bow,  that came from the New York and New Jersey’s Port Authority’s World Trade Center after 9-11……

The ship will be commissioned in New York  this week……

November 2, 2009 Posted by | Breaking News, Military, Politics, September 11 | , , , , , , , | Leave a comment