Vote Expected on 2 WTC Towers
Deal calls for Port Authority to put up $1 billion to help finance construction
Thursday, Aug 26, 2010 | Updated 8:30 AM EDT
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Work continues on the concrete core of 1 World Trade Center, the Freedom Tower, which is being constructed at Ground Zero.
The agency that owns the World Trade Center site is expected to formally approve a deal over how to help pay for two towers a developer plans to build there.
The Port Authority of New York and New Jersey is to vote Thursday to approve the tentative deal reached last spring with developer Larry Silverstein.
The deal calls for the Port Authority to put up $1 billion to help finance a 64-story building already under construction. The money would be used only if the building doesn't repay its debt.
The agency also has agreed to provide $600 million backup financing for a 71-story tower, if Silverstein finds tenants for it and first raises $300 million in cash.
Plans for a third Silverstein tower are on hold until market conditions improve.
Photos: Metro North Train Collision
