Dispute on 3 WTC comes to a vote

The Port Authority of New York and New Jersey will hold a vote Wednesday to decide whether to increase financial support for developer Larry Silverstein's 3 World Trade Center office tower, which has a price tag of $2.3 billion. Scott Rechler, the authority's vice chairman, wants to guarantee as much as $1.2 billion worth of construction loans to Silverstein, meaning the authority would be on the hook if the developer were unable to repay the money. Kenneth Lipper, a commissioner for the authority, said, "[t]he idea of giving a $1.2 billion subsidy to a private developer at a time when the market downtown is in a state of glut defies the public interest and the economic interest."

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