(Source: Associated Press)
New York Gov. David Paterson has given World Trade Center site developer Larry Silverstein an ultimatum in talks over his ground zero lease. He says the site could be redesigned without Mr. Silverstein’s buildings.
Mr. Silverstein would have to put up over $600 million of his own money to receive financial backing for the second tower.
The developer — noting today’s tight real estate market — had asked the site’s owner to guarantee financing.
Gov. Paterson says he has asked the Port Authority to come up with new site designs that would let the Sept. 11 memorial and other public projects go forward without Mr. Silverstein.
Read the article “N.Y. Governor: We Could Redesign WTC Without Developer” in the Wall Street Journal (August 3, 2009).