News

Port Authority Delays Vote On Role In 3 WTC Rebuilding

1 World Trade Center, 4 World Trade Center with New York Harbor in the distance, as seen from Chopper 880, April 11, 2014. (credit: Tom Kaminski/WCBS 880)

1 World Trade Center, 4 World Trade Center with New York Harbor in the distance, as seen from Chopper 880, April 11, 2014. (credit: Tom Kaminski/WCBS 880)

NEW YORK (CBSNewYork/AP) – The Port Authority is delaying a vote on 3 World Trade Center to allow time to reach a deal that involves more private funding.

A World Trade Center subcommittee met Wednesday before deciding on the postponement.

The agency continues to negotiate with developer Larry Silverstein on financing for the completion of the tower.

It’s seeking a deal with more private financing so it does not have to guarantee a $1 billion loan that Silverstein is seeking.

Last month Port Authority board members were deeply split over what role the agency should have, and whether it should be involved in what one member called a speculative real estate project.

Port Authority board member Kep Lipper said the agency has already invested nearly $8 billion at the World Trade Center site.

“I have been holding up my hand and saying enough, the public sector has done enough,” Lipper told WCBS 880’s Peter Haskell. “I think we’ll have sufficient votes to defeat the proposal. If the vote is no, as I believe it will be, the developer will have a clarification that there is no more available at the public trough.”

Lipper believes the agency should be focusing on projects that benefit the public, not private developers.

Silverstein supporters on the board believe the Port Authority’s backing will ensure the project is built, Haskell reported.

Calls to Silverstein Properties and a key company backer of the Port Authority were not returned.

You May Also Be Interested In These Stories:

(TM and © Copyright 2014 CBS Radio Inc. and its relevant subsidiaries. CBS RADIO and EYE Logo TM and Copyright 2014 CBS Broadcasting Inc. Used under license. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. The Associated Press contributed to this report.)