Friday, October 24, 2014

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Schumer: $340 Million in Bonds to Be Put Towards 3WTC Completion

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TWC News: Schumer: $340 Million in Bonds to Be Put Towards 3WTC Completion
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Sen. Charles Schumer says that $340 million in federal recovery zone bonds will be put toward completion of 3 World Trade Center.

Those bonds were set to expire in 2010 because the building didn't have a tenant, but last week, media investment firm "GroupM" leased out about 516,000 square feet of office space.

With that hurdle overcome, Schumer says he convinced the IRS that the bonds were still valid.

"The bonds will be available, and World Trade Center 3 will go forward," Schumer said. "As of today, the IRS has issued new guidance around the recovery zone facility bonds that make the terms crystal clear they can be used for 3 World Trade Center."

The $2 billion tower is to be 80 stories tall.

So far, the seven-story base has been built.

The tower is set to open in 2017.

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