By Michael Ventura
DNAinfo Senior Editor
MANHATTAN — Developer Larry Silverstein and the Port Authority have reached a tentative deal that could resolve 16 months of deadlock at Ground Zero, the New York Times reported.
The deal was still being worked out, and both sides were hoping to have it locked down in time for the agency board's Thursday afternoon meeting, the paper said.
At issue is the "final framework" for development at the site, the Times reported. Under the tentative deal, the Port Authority would finance construction of one tower, on Church Street. A second tower would be financed through funds raised by the Port Authority, Gov. David Paterson and Mayor Michael Bloomberg provided Silverstein comes up with $300 million and tenants for the building, the paper said.
The parties have also agreed to pool roughly $1 billion in remaining insurance money from the terror attacks and Liberty Bonds to ballast construction funding for both towers, according to the Times.
A third tower project would be put off for a later date.
Construction at 1 World Trade Center, the 1,776-foot tall skyscraper once known as the Freedom Tower, a transit center, the 9/11 memorial and other projects are ongoing.
The Port Authority's board was expected to meet at 1:30 p.m. Thursday.
Wrangling over who would pay for construction of the new office towers, and how much office space should be built in a down real estate market, delayed a development agreement for more than a year.
