Developer Larry Silverstein is racing to beat a December 31 deadline for low-interest financing for three office towers he's building at Ground Zero. WNYC's Matthew Schuerman has more.
REPORTER: State officials say Silverstein isn't ready to borrow the money. He'd like to wait for the economy to improve and for preliminary construction to move further along. But in case Congress doesn't extend the end of the year deadline, the developer's seeking approval for $2.6 billion dollars in low-interest Liberty Bonds. The Empire State Development Corporation will hold a public hearing next week, but gave preliminary approval to the bonds three years ago. Liberty Bonds were created after the September 11th attacks. They give tax breaks for lower Manhattan real estate projects, and consequently would save Silverstein hundreds of million of dollars. Another part of Silverstein's financing puzzle worth just as much if not more is tied up in arbitration between the developer and the Port Authority, which owns the World Trade Center site. For WNYC, I'm Matthew Schuerman.
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