Port Authority to Vote Next Month on WTC Tower Financing
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The Port Authority of New York and New Jersey held talks about financing to help developer Larry Silverstein build 3 World Trade Center in lower Manhattan, and its vice chairman said a decision will be made next month.
In private, the agency discussed a plan advocated by Vice Chairman Scott Rechler to guarantee $1.2 billion of financing to Silverstein for the planned 2.5 million-square-foot (232,000-square-meter) tower. Rechler, speaking after the meeting in Jersey City, New Jersey, said he spent the session “educating” his fellow commissioners about the proposal and that they intend to vote on it in April.