Port Authority proposes solution to WTC development dispute

07/10/2009 | New York Times (tiered subscription model), The

The Port Authority of New York and New Jersey is willing to guarantee financing for two office towers proposed by developer Larry Silverstein if the developer raises $625 million from investors or lenders. The Port Authority made the proposal the same day Silverstein requested arbitration for the dispute that centers on the redevelopment of the World Trade Center site. At this point, Silverstein does not believe the Port Authority's offer is credible, according to media reports.

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