Mayor Pledges To Aid WTC Site's Redevelopment
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Mayor Michael Bloomberg said Wednesday that progress needs to be made on the development of the World Trade Center site.
Monday's deadline came and went for site developer Larry Silverstein and the Port Authority to reach an agreement, but no deal was made.
Bloomberg said talks will continue until there is a compromise and says the rebuilding plan is complicated because so many different agencies are involved.
The mayor said he will do all he can to get the redevelopment on track.
"I have said if the city has to, we may find a way to divert monies to help," said Bloomberg. "We cannot leave a hole in the ground and the Port Authority just has to come to the party. Now, we're sympathetic. They have a balance sheet to worry about and they have other responsibilities."
Silverstein is trying to renegotiate the terms of his lease while asking the Port Authority for more than $3 billion to finance two of the three towers he wants to build.
The Port Authority will only commit $800 million for one tower.