Posted Feb 18, 2010, 11:29 PM
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New Yorker for life
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Join Date: Jul 2001
Location: Borough of Jersey
Posts: 51,900
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http://www.crainsnewyork.com/article...FREE/100219888
Silverstein offers more money for Ground Zero site
Developer's overture to put more of his own skin in the game is latest twist in negotiations to end longtime financing fight with Port Authority of New York & New Jersey.
By Theresa Agovino
February 18, 2010
Quote:
Developer Larry Silverstein is offering a host of proposals, including ideas that put more of his own money at risk, to end his battle with the Port Authority of New York & New Jersey over financing two of his towers at Ground Zero, sources say.
However, it’s questionable that Mr. Silverstein’s moves will actually bring the two sides closer, as sources familiar with the Port say the agency regards the proposal as “smoke and mirrors” that don’t really change the underlying financing of the deal.
To make financing two of his three planned towers more palatable, Mr. Silverstein says he'll pony up between $150 million and $250 million to fund the second tower instead of just the $50 million he had originally offered. He has also offered to allocate the insurance money and proceeds from all of his Liberty bonds to build the two towers. The proceeds were originally supposed to be divided over the three towers.
Additionally, in a move that will save about $262 million, Mr. Silverstein will build what is referred to in various development plans as Tower 3, instead of his more expensive Tower 2.
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