Teaneck's Avi Frisch Asks About Legality of Port Authority WTC Plans

Can the Port Authority legally finance Silverstein’s white elephants?

BY AVI FRISCH

The crashing economy and the end of New York City's building boom have made completion of the World Trade Center project seemingly impossible, unless the Port Authority itself agrees to finance the office towers. So far though, the Port Authority has resisted providing financing for more than one of the buildings, though there is political pressure for them to build more. As has been reported in the New York Times, Sheldon Silver, the Speaker of the New York State Assembly has called for the Port Authority to assist Silverstein Properties, Inc., in building two towers, along with the one tower being built by the Port Authority, while, according to the Times, New Jersey Governor Jon Corzine and New York Governor David Paterson "have expressed wariness about pouring additional public funds into the office towers."... more...