Thursday, December 25, 2014

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Port Authority Puts Off Another Vote on Financing of 3 World Trade Center

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TWC News: Port Authority Puts Off Another Vote on Financing of 3 World Trade Center
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The Port Authority has put off another vote on the financing of 3 World Trade Center.

The agency now says it's looking for more private funding to reduce its risk.

Last month, several board members balked at a plan to have the Port Authority guarantee a $1.2 billion loan to the developer.

Right now, the construction of the 80-story building is stalled at about seven stories.

Officials say private companies are willing to step up.

"Based on recent developments, we believe, and are confident, that we can actually pursue one of those hybrid alternatives, which would greatly reduce the port's exposure to bring it more in line with where our 2010 agreements were," said Scott Rechler, vice board chairman of the Port Authority.

"The discussion of the board in April and the focus on private-sector parties has encouraged both the Port Authority SPI and private-sector parties on their own to put their hands up, and there are multiple discussions underway," said Patrick Foye, executive director of the Port Authority.

So far, there's no deadline for when the agency would vote.

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