NEW YORK CITY—As Port Authority of New York and New Jersey commissioners are scheduled to debate a financing deal for the 3 World Trade Center project today, New York State Assembly Speaker Sheldon Silver has lobbied key officials on both sides of the Hudson River to approve the controversial measure.
Speaker Silver sent letters to Port Authority Executive Director Pat Foye as well as New York Gov. Andrew Cuomo and New Jersey Gov. Chris Christie, urging the financing plan for the office tower, according to Crain's New York Business.
"We are writing to urge the Port Authority to approve the financing agreement that will allow the construction of 3 World Trade Center to continue," Silver wrote. "This would be a historic achievement that would bring us one step closer to fulfilling our shared goal to rebuild the heart of the downtown business district, which was destroyed on 9/11."
Also signing the Silver letter was New York City Councilwoman Margaret Chin, whose district encompasses the downtown area, and New York State Senator Daniel Squadron.
"Construction of 3 WTC will bring the Port Authority more than $500 million in additional revenue over 15 years," Silver stated in his letter that was sent to the state and Port Authority officials last week. The proposed deal to be voted on today would give developer Larry Silverstein a financial guarantee of approximately $1.2 billion, which would likely allow Silverstein to secure a construction loan for the project. See story in Crain's New York Business.
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
