Search
 

WTC $3.8B Over Budget, Authority Leaders Promise Change

NEW YORK CITY-An audit of the Port Authority of New York and New Jersey showed the redevelopment cost of the World Trade Center has increased to almost $15 billion.

By Robert Carr | Updated on February 08, 2012

NEW YORK CITY-The officials in charge of the Port Authority of New York and New Jersey, and the governors of the two states, declared Tuesday that there will be reform methods implemented after an audit showed the cost of the World Trade Center site reconstruction has ballooned to $14.8 billion. The last audit in 2008 showed costs would be $11 billion.

The officials said the Phase I Interim Report, presented Tuesday to the authority’s Board of Commissioners, shows that at least some of the spending comes from mismanagement and overpaid salaries at a “dysfunctional” agency. New York Gov. Andrew Cuomo and New Jersey Gov. Chris Christie jointly released a statement that said improper oversight, coupled with average worker pay and benefits that reports say exceed $143,000, means that reform is overdue at an agency that has “drifted from its core responsibility.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.