Nyc Port Authority To Move Forward With Wtc Development

08.27.10 | FL News Team

(New York, NY)  --  The Port Authority of New York and New Jersey is approving a plan to move redevelopment forward at the World Trade Center site.  The Port Authority is ratifying a plan to use over one-and-a-half-billion-dollars to build two office towers at the site.  The plan was tentatively reached in March.

The agreement gives developer Larry Silverstein the money to move ahead with the rebuilding at the World Trade Center site.  The deal includes "a cash trap," ensuring the public gets paid back before Silverstein Properties begins to profits from the agreement.  Silverstein, in a statement, calls the agreement "fantastic news for New York."