WTC Agreement Receives Praise

A New York state assemblyman and congressman both hailed the agreement that will see two new skyscrapers constructed on Ground Zero.

March 26, 2010
By Allison Landa, News Editor

Courtesy Flickr Creative Commons user Aaron Escobar

A New York state assemblyman and congressman both hailed the agreement that will see two new skyscrapers constructed on Ground Zero.

In separate statements, New York Assembly Speaker Sheldon Silver and 8th Congressional District of New York representative Jerrold Nadler expressed relief that a 16-month stalemate has come to a close. Silverstein Properties and the Port Authority of New York and New Jersey have reached agreement on construction financing for the towers, with public financing and subsidies providing up to $1.6 billion. Under the agreement about $1 billion of those funds will come from the Port Authority and go toward construction of the first tower. Provided Silverstein can raise $300 million of his own money, the city, state and authority will provide another $600 million for the second tower.

Silverstein leased the World Trade Center’s twin tower from the Port Authority six weeks before they were destroyed.

“For the more than eight years since the attacks, residents of Lower Manhattan have fought for a fully redeveloped World Trade Center … This agreement will finally allow us to realize that vision and enables us to continue to build a more vibrant, 24/7, mixed-use community in Lower Manhattan that is better and brighter than ever before,” Silver said. “The framework approved by the Port Authority protects taxpayers and the public and appropriately requires the developer to take on a greater share of the risk.”

Silver called the agreement “a testament to the perseverance and willingness to compromise of all of the parties … to (ensure) that any agreement not step back from our commitment to a full rebuilding of the World Trade Center.”

Nadler, who has served in Congress since 1992, said that the agreement would allow construction to move forward on the 9/11 Memorial, the World Trade Center transportation hub, and 1 World Trade Center.

“I am pleased with today’s agreement regarding the development of the WTC site,” he said. “On behalf of my constituents in lower Manhattan, I would like to personally thank Governor Paterson, Mayor Bloomberg, Speaker Sheldon Silver, Port Authority Executive Director Chris Ward and Larry Silverstein for their dedication to ensuring that lower Manhattan will be rebuilt.”