NY OKs $1.6B bonds for WTC towers

WORLD / America

 NY OKs $1.6B bonds for WTC towers
(AP)
Updated: 2006-06-15 09:00

NEW YORK - A state agency on Wednesday approved using $1.6 billion in
tax-exempt bonds to build three office towers at the World Trade Center
site.

The Empire State Development Corp. approved use of the Liberty Bonds for
towers that are under private developer Larry Silverstein's control.
Silverstein retained control of those towers after his lease was
renegotiated earlier this year.

The federal government issued a total of $8 billion in Liberty Bonds
after the Sept. 11, 2001, attacks to provide tax-exempt financing for
downtown Manhattan rebuilding.

The city intends to issue $920.9 million in Liberty Bonds under its
control to build the three towers next month.

The remaining $3.35 billion in Liberty Bonds will go to the Port
Authority of New York and New Jersey, which is paying to build the
symbolic Freedom Tower and another building at the trade center site.

Silverstein spokesman Bud Perrone said the developer is working with
three architects on designs for the three towers and "with financing in
place, will begin construction of those towers as soon as the sites are
made available."

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