NY OKs $1.6B bonds for WTC towers
(AP)
Updated: 2006-06-15 09:00
NEW YORK - A state agency on Wednesday approved using $1.6 billion in
tax-exempt bonds to build three office towers at the World Trade Center site.
The Empire State Development Corp. approved use of the Liberty Bonds for
towers that are under private developer Larry Silverstein's control. Silverstein
retained control of those towers after his lease was renegotiated earlier this
year.
The federal government issued a total of $8 billion in Liberty Bonds after
the Sept. 11, 2001, attacks to provide tax-exempt financing for downtown
Manhattan rebuilding.
The city intends to issue $920.9 million in Liberty Bonds under its control
to build the three towers next month.
The remaining $3.35 billion in Liberty Bonds will go to the Port Authority of
New York and New Jersey, which is paying to build the symbolic Freedom Tower and
another building at the trade center site.
Silverstein spokesman Bud Perrone said the developer is working with three
architects on designs for the three towers and "with financing in place, will
begin construction of those towers as soon as the sites are made available."
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