The New York Times: World Trade Center Deal Clears Way for New Towers

Today's issue of The New York Times includes an article about an approval made on Thursday that allows the construction of new office towers on the World Trade Center site. The article, written by Charles Bagli, says that the Port Authority of New York and New Jersey made their formal approval with the developer Larry A. Silverstein that allows the construction on the east side of the site.

Bagli says the agreement closes the door on a long-running dispute among the authority, city officials and the developer over financing for three office towers to be built by Mr. Silverstein. This plan provides up to $1.7 billion in financing and other incentives for two of Silverstein's towers, given by the Port Authority, New York City, and New York State. That said, the developer will not be able to profit until after public funds are repaid.

Christopher Ward, the Port Authority's executive director, said this deal was a two-year culmination. "It combines the best of the public sector and private market investment," Ward said. Mr Silverstein, who is already working on his first towers at this site, said this funding will ensure that the momentum continues with a new generation of cutting-edge, green skyscrapers available starting in 2013.

Read the full article, including the background of this deal and more about Mr. Silverstein, in today's issue of The New York Times. Sign up for your 14-day free trial or buy the current issue for $0.99.