Rebuilding of WTC gets final approval

[Ignacio Upton]

Rebuilding of WTC gets final approval

By Joan Gralla 38 minutes ago

Plans to build the Freedom Tower and three other skyscrapers at Ground Zero were formally approved on Thursday in a deal that would see the former World Trade Center site rebuilt by 2012.

Under the agreement, the Port Authority of New York and New Jersey, which owns the land, and developer Larry Silverstein each agreed to stiff penalties if they fail to deliver on the $11 billion project.

The deal, approved at the authority's monthly board meeting, gives Silverstein 4 1/2 years and an additional one-year grace period to complete Towers 2, 3 and 4 -- or lose his lease.

The Port Authority will pay Silverstein $300,000 a day if it fails to prepare the site for rebuilding on time. The sites for Towers 3 and 4 must be ready by the end of 2007 and the Tower 2 site by June 2008.

The deal is pending final legal documents. Assuming those documents are completed shortly, rebuilding would be completed by 2012, Silverstein's target date.

http://news.yahoo.com/s/nm/20060921/us_nm/property_worldtradecenter_dc

[Kutjara]

1. I guess they're calling it the 'Freedom Tower'...

...so we'll always remember what we've lost.

[lowreed]

4. Freedom Tower really pisses me off! nt

[Kutjara]

5. I guess they didn't want to call it the 'French Tower.'

[high density]

7. There's always...

the "Liberty (sic) Tower" in LA.

Ahhhh

[Kelvin Mace]

2. I guess Keith Olbermann

struck a nerve.

[Benhurst]

3. ...

"Let freedom reign." George W. Bush

:boring:

[bamacrat]

6. 5 YEARS LATER.

Not to sound to Olbermany, but he has a point.