By Yepoka Yeebo and Mariel S. Clark
DNAinfo Staff
DOWNTOWN — In a major step toward rebuilding the World Trade Center, the Port Authority board unanimously approved a $1.1 billion financing deal on Thursday to underwrite developer Larry Silverstein's plan to build two towers at the WTC site.
The authority, which owns the site, will put up public funding and subsidies toward Tower 4, a 64-story skyscraper that is already under construction.
"Today's agreement is a major milestone in the redevelopment of the World Trade Center site," said Port Authority chair Tony Coscia. "It will allow us to continue the effort we began four years ago to rebuild the World Trade Center."
Silverstein could also get an additional $600 million from the Port Authority for the 71-story Tower 3, but is obligated to raise $300 million and find tenants for the building.
"Downtown has emerged as one of the world's most exciting mixed-use neighborhoods, offering an unparalleled blend of high-tech office space, retail, residential living and cultural attractions," Silverstein said in a statement.
"This agreement," he added, "will ensure that we continue this momentum with a new generation of cutting-edge, green skyscrapers becoming available starting in 2013."
The deal helps resolve years of deadlock at Ground Zero that slowed construction of the site.
