PORT AUTHORITY AGENCY APPROVES FINANCING DEAL WITH SILVERSTEIN ON TWO WTC TOWERS

PORT AUTHORITY AGENCY APPROVES FINANCING DEAL WITH SILVERSTEIN ON TWO WTC TOWERS

It is reported that the Port Authority of New York and New Jersey, which owns the World Trade Center site, formally approved a deal with Larry Silverstein, the site’s developer, over how to help pay for two towers on the site. The deal will now require stakeholders to share the financial risk in an effort to protect public resources. The Port Authority will up $1 billion to help finance a 64-story building already under construction, to be used if the building is unable to repay its debt. The Port Authority also has agreed to provide $600 million backup financing for a 71-story tower, if Silverstein finds tenants and raises $300 million in cash.