Agency expected to approve deal on how to help pay for 2 World Trade Center towers
By APThursday, August 26, 2010
Vote coming on funds for 2 NY trade center towers
NEW YORK — The agency that owns the World Trade Center site in New York City is expected to approve a deal to help pay for two towers a developer plans to build there.
The Port Authority of New York and New Jersey is to vote Thursday on the tentative deal reached in the spring with developer Larry Silverstein.
The deal calls for the Port Authority to put up $1 billion to help finance a 64-story building already under construction. The money would be used only if the building doesn’t repay its debt.
The agency also has agreed to provide $600 million backup financing for a 71-story tower, if Silverstein finds tenants for it and raises $300 million in cash.
A 102-story skyscraper, once called the Freedom Tower and now dubbed 1 World Trade Center, is also under construction.
