NEW YORK CITY-World Trade Center leaseholder Larry Silverstein has agreed to all of the terms set forth by the Port Authority of New York and New Jersey last week . The deal will restructure Silverstein Properties’ 99-year lease on the World Trade Center site.

“This is a fair deal,” says Silverstein. “This is now the third time I have agreed to major changes in our lease with the government: first in December 2003, again in November 2004 and now today. As I have said all along, this is about rebuilding. New York has waited too long. It’s time to get going.”

Under terms of the agreement, Silverstein relinquishes rights under its lease to rebuild two towers0—including the Freedom Tower–and agrees to pay a rent–in excess of market–for development sites. The firm will share insurance proceeds, approximately 38% will go to the PA, and Liberty Bonds. Silverstein also agrees to an aggressive timeline for construction with severe penalties for delays that are within Silverstein’s control.

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