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WTC developer to OK deal after some changes: source

April 26, 2006

NEW YORK (Reuters) – The World Trade Center developer told
the Port Authority of New York and New Jersey he will accept a
new rebuilding plan for the site after some outstanding issues
were resolved in last-minute talks, a source familiar with the
issues said on Wednesday.

For example, developer Larry Silverstein’s liability for
infrastructure costs, which was open-ended, is now capped at
$140 million, according to the source, who declined to be
identified by name.

But he cautioned that the Port Authority, which owns the
16-acre site where the World Trade Center stood until September
11, still must approve this framework accord.

The agreement calls for Silverstein to build the Freedom
Tower, the symbol of New York’s revival, and three other office
towers. The pact is aimed at resolving bitter battles that
added years to the rebuilding.

The agency’s board was scheduled to meet at 2 p.m. (1800
GMT). Once the framework pact is approved, it hopes to finalize
a deal before September, which was its initial target.

A letter from Silverstein says the proposal, presented to
him one week ago by the governors of New York and New Jersey
and New York City’s mayor, is acceptable, the source said.

The letter adds “that there is an understanding on both
parties that there are some contingencies that have to be
resolved and that we hope to resolve them as quickly as
possible,” he added.


Source: reuters



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