http://www.nytimes.com/2009/06/05/op...tein.html?_r=2
Rebuilding Ground Zero
To the Editor:
Re “Stalemate at Ground Zero” (editorial, May 28):
Contrary to your editorial’s assertion, the Port Authority of New York and New Jersey’s ability to complete the World Trade Center memorial is not in any way dependent on Silverstein Properties. There is zero physical connectivity between Silverstein’s towers, to be located on the east side of Greenwich Street, and the memorial, which the Port Authority is building entirely to the west of the street.
Second, it was the Port Authority — not Silverstein — that initiated a renegotiation of the 2006 agreement when it admitted that it is years behind on its commitments to complete critical site infrastructure.
Since 9/11, the Port Authority has received $2.75 billion out of Silverstein’s rebuilding fund based on assurances it would deliver its rebuilding projects on time. Having failed to make good on its promises, the Port Authority cannot keep those payments and also refuse to use “public money” to ensure a full rebuilding.
Finally, Silverstein is not asking the Port Authority for money. We are asking the agency to guarantee our financing, which will help us obtain construction loans that we will be obligated to repay — at the risk of losing our entire interest in the buildings. This would allow the Port Authority to keep the billions it has already received from Silverstein and to collect billions more in rent from us in the coming decades.
Most important, from a public standpoint, this strategy allows the Port Authority to honor its commitment — made many times since 9/11 — to rebuild Lower Manhattan.
Janno Lieber
President
World Trade Center Properties
New York, June 1, 2009