After months of acrimonious negotiations, government officials and developer Larry Silverstein reached a deal to rebuild the World Trade Center site and end an impasse that has stalled progress since the complex was destroyed in the 9/11 terrorist attacks.
Under the agreement Silverstein reached with the Port Authority of New York and New Jersey, New York City and New York state, the three public entities agreed to contribute as much as $600m of new financing to the construction of office space if Silverstein meets certain conditions. At the same time, he agreed to put up $300m of new equity.
Details are still being worked out, officials said.
Wall Street Journal