Agreement Reached on WTC Commercial Buildings

The Port Authority of New York and New Jersey, Silverstein Properties, Inc., and the City and State of New York have successfully negotiated a deal framework to complete construction at the commercial portion of the World Trade Center site. The final deal upholds RPA's long held principles that the agreement must limit the public's exposure, bring the site back to grade as soon as possible and be built according to market demand. Click through for the press release or download here.

March 25, 2010

Statement

Statement from Regional Plan Association on WTC Site Agreement


Regional Plan Association congratulates The Port Authority of New York and New Jersey, Silverstein Properties, Inc., and the City and State of New York with successfully negotiating a deal to complete construction at the commercial portion of the World Trade Center site. The final deal upholds RPA's long held principles that the agreement must limit the public's exposure, bring the site back to grade as soon as possible and be built according to market demand.

Key elements of the agreement include the Port Authority's insistence that the private sector assume the preponderance of the market risk for a second commercial tower, and the willingness of New York City and New York State to increase their share of the equity and risk. By capping the public backstop for debt on the second tower at $390 million, and including provisions for the Silverstein Properties to reimburse any payments once the building is profitable, the agreement provides sufficient safeguards for the public's investments.

As importantly, the agreement includes a clear, reasonable timetable to complete construction and restore the entire site to street level. It is now critical that all parties proceed as expeditiously as possible to meet these milestones.

"We are particularly pleased to see the public's investment in construction of the commercial towers has been limited and that a schedule has been established to support restoration of street life and connections to the rest of Lower Manhattan," said Bob Yaro, president, Regional Plan Association.


RPA, the nation's oldest independent planning organization, has been committed to the success of the Lower Manhattan business district since the 1920s. In the aftermath of the 9/11 terrorist attacks, RPA led the Civic Alliance for Downtown NY, a broad civic and business coalition which provided public input and support for rebuilding efforts at the World Trade Center and across Lower Manhattan.