Leading civic, business, transportation, environmental and planning groups reacted today to the Port Authority of New York and New Jersey's latest attempt to break the impasse between the agency and developer Larry Silverstein. At issue is whether the Port should back financing for two of Silverstein Properties' planned commercial towers. Previously the Port has been resistant to provide financing for more than one of these buildings. However, last week the agency offered a compromise proposal that would backstop $1.2 billion in debt for a second tower if the developer secured $625 million in subordinate financing. The groups urge Mr. Silverstein to accept the offer so construction at the commercial portion of the site may continue. Read the complete statement.
WTC Statement (PDF)
WTC Statement (PDF)
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