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Key: Value:

MESSAGE

DATE	2006-05-09
FROM	From: "RUL@"
SUBJECT	Subject: [NYLXS - HANGOUT] [nyc.politics] WTC Rebuilding #433:Silverstein Accepts Official Offer...
On Wed, 26 Apr 2006 15:57:26 +0000, Obwon wrote: > > le-at-main.put.com > > It's been quite a while since I sent out two list-emails in > one day, but Cecil Shepherd just sent me a copy of this > advance NY Times article (it refers to events this > afternoon,expect a revised version in tomorrow's > print edition) where Silverstein accepts the offer, > subject to various things working out that may yet > not work out. > > And yes,reporter Bagli couldn't resist sticking in his > line about the FT being "widely regarded as too big" > ...PLEASE send letters-at-nytimes.com letters attacking > the FT for being too small! > > (stay under 150 words,include not-for-press postal > address and phone #) > > In the hours since I wrote last,the Twin Towers Alliance > signature count has grown to 1341 and the long-secret > identity of the Van Wagner billboard client has been > privately obtained and a new pro-rebuilding plan has > been circulated...we ARE not idle,we MUST NOT be idle... > > ---------- Forwarded message ---------- > Date: Tue, 25 Apr 2006 18:45:20 -0400 > From: Cecil Shepherd > Subject: Developer to Accept 'Economic Terms' > of World Trade Center Deal > > April 25, 2006 > > By CHARLES V. BAGLI > > Larry A. Silverstein said today that he was accepting the > economic terms of a new deal at ground zero, which reduces > his overall role but still allows him to build three > skyscrapers on the most valuable parcels on the 16-acre > site, ending nearly five months of struggle over the future > of the trade center site. > > "This is a fair deal," Mr. Silverstein said at a news > conference this afternoon. "I trust that Governor Pataki, > Governor Corzine, Mayor Bloomberg and the Port Authority > will move quickly to finalize this agreement and move > forward with the rebuilding." > > He added: "Make no mistake, we have made real concessions. > This is about moving the rebuilding forward as quickly as > possible." > > The deal, if it is ultimately approved by all sides, would > also end the uncertainty that downtown executives say has > hampered the resurgence of Lower Manhattan, while clearing > the way for construction to start on the Freedom Tower. > > But the turmoil at ground zero will not disappear. > Rebuilding officials expect that the focus will now shift > from commercial development at ground zero to the troubled > memorial project. Consultants are expected to deliver a > report in the next week showing that the cost of the > memorial and a museum has swelled to as much as $800 million > from $500 million. Fund-raising has been sluggish at best. > > Under the new agreement, Mr. Silverstein, who leased the > World Trade Center site from the Port Authority six weeks > before it was destroyed in the attacks of Sept. 11, 2001, > would cede responsibility for building the Freedom Tower, > the largest, most symbolic and troubled skyscraper planned > for the site, to the authority. > > Despite its symbolic role, the Freedom Tower was widely > regarded as too big, located in the wrong spot, and unlikely > to be attractive to corporate tenants, who view the building > as a target. > > The deal is an attempt to put the project on a viable > financial footing. The state has pledged to contribute $250 > million and round up 1 million square feet of leases, most > likely to federal agencies. The tower would also get about > $970 million in insurance proceeds toward an estimated cost > of $2 billion. > > For the 74-year-old developer, the deal is a capitulation. > Mr. Silverstein has long insisted that he has both the right > and the ability to develop the entire ground zero site. The > new arrangement recognizes that he does not have enough > money to do the $7 billion job and, Mayor Michael R. > Bloomberg argued, that he could have defaulted on his lease, > walking away with millions and an unfinished project. > > Officials from the Pataki, Corzine and Bloomberg > administrations have said the plan amounts to a blueprint > for rebuilding the entire 16-acre World Trade Center site by > 2012, with the Port Authority providing $100 million for the > Sept. 11 memorial. > > The unified plan was put together and proposed last week by > Gov. George E. Pataki, Gov. Jon S. Corzine and Mayor > Bloomberg after nearly three weeks of wary negotiations. > > The latest impasse arose with the groundbreaking for the > Freedom Tower, which had been planned for this month. There > was also a growing realization that there was not enough > money to rebuild the entire site, although Mr. Silverstein > insisted that he could do the job. > > Mr. Pataki had championed the Freedom Tower, the largest of > five proposed towers, as a way of restoring New York's > skyline with a symbol of resilience. > > Mr. Bloomberg raised the possibility that Mr. Silverstein > would build only two towers before running out of money in > 2009, defaulting on his lease and walking away from the > project with hundreds of millions of dollars. Better to deal > with the problem now, he said. > > Under the unified government plan proposed last week, the > Port Authority would take control of the Freedom Tower > project, using $1.7 billion in tax-free Liberty Bonds and > about $970 million in insurance money. Mr. Silverstein would > be paid to build it. The Pataki administration would provide > $250 million and has pledged to secure leases for about one > million square feet from federal agencies, which would > enable the authority to obtain additional financing. Mr. > Schumer said last night that federal customs officials were > interested in a large block of the space. > > The authority would also take control of a site on Greenwich > Street, which it would probably sell to a residential > developer. > > Mr. Silverstein, in turn, would develop three office towers > along Church Street, between Vesey and Liberty Streets. To > ensure that he builds quickly, the city and the Port > Authority are offering to lease 1.2 million square feet at > market rates, according to Anthony R. Coscia, chairman of > the Port Authority, and Kenneth J. Ringler, the authority's > executive director, and the city would provide Liberty Bonds > for financing. But his development fee would be restricted > to 2.5 percent, not the 5 percent he originally demanded. > > In the coming months, the authority would design plans with > Mr. Silverstein for a shopping mall that would be part of > two of his towers, then sell it to him and a retail > developer. In addition, Mr. Silverstein would be required to > adhere to strict construction schedules and contribute at > least $140 million toward the cost of common infrastructure. > > > Copyright 2006 The New York Times Company > > _______________________________________________________________________ > > > ---------- End forwarded message ---------- > > Fight their spin...fight for what's right! > > -=-=- > The World Trade Center towers MUST rise again, > at least as tall as before...or terror has triumphed.