7 WTC secures $475m in bonds.New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. Industrial Development Agency (IDA Ida (ē`dä), city (1990 pop. 91,859), Nagano prefecture, central Honshu, Japan, on the Tenryu River. It is an agricultural market and railway junction. ) this week authorized the use of $475 million in New York Liberty The New York Liberty is a Women's National Basketball Association (WNBA) team based in New York City. They are one of the eight original WNBA teams that began to see action in 1997, as well one of the most successful teams in WNBA history. Bonds for the reconstruction and permanent financing Permanent financing Long-term financing using either debt or equity. permanent financing The long-term financing that supports a long-term asset. of 7 World Trade Center in Lower Manhattan Lower Manhattan is the southernmost part of the island of Manhattan, the main island and center of business and government of the City of New York. Lower Manhattan is generally defined as the area delineated on the north by Chambers Street, on the west by the Hudson River (North . Preliminary approval of the Liberty Bonds was granted in 2003 for the construction of the new building, the first to rise at Ground Zero since the tragic events of September 11, 2001. "This is a major step in the rebuilding of Lower Manhattan and the World Trade Center site itself," said IDA Chairman Andrew M. Alper, who is also president of the New York City Economic Development Corporation Overview New York City Economic Development Corporation (NYCEDC) is a non-profit local development corporation that promotes economic growth across New York City's five boroughs. (EDC EDC See: Export Development Corp. ). "7 World Trade Center, the last building to fall on September 11, was the first to rise again thanks in large part to the Liberty Bond Program. "This new, state-of-the-art building will provide tremendous support to the economic growth of Lower Manhattan." The building is located on a 58,000-square-foot site bounded by Greenwich, Barclay, Washington and Vesey Streets. The project consists of a 52-story building with approximately 1.7 million square feet, including 76,500 square feet for a Con Edison substation. Silverstein Properties will provide the management and leasing services for the building. "The rapid construction of 7 WTC--which will open its doors in a year--is evidence of the exciting progress being made in the rebuilding effort, and the benefits of the public and private sector working toward a common goal," said World Trade Center developer Larry A. Silverstein. "This Liberty Bond authorization is critical in helping to sustain the great momentum we all have achieved over the past three years." The new building will be 240,000 square feet smaller than the original building to accommodate the re-mapping of a portion of Greenwich Street. 7 World Trade Company ground leases the site from the Port Authority of New York and New Jersey Port Authority of New York and New Jersey, self-sustaining public corporation established in 1921 by the states of New York and New Jersey to administer the activities of the New York–New Jersey port area, which has a waterfront of c. . Construction of the facility began in May 2002, and the building is anticipated to be ready for occupancy in January 2006. Silverstein originally applied for up to $400 million in tax-exempt bonds to finance the shortfall in sources of funds for the project. The gap increased because of lower than expected insurance proceeds and increased financing costs. Because of that, the IDA Board authorized the use of Liberty Bonds in the amount of $475 million. The Liberty Bond Program is designed to provide tax-exempt bond financing for major projects to revitalize Lower Manhattan and New York City using $8 billion in bond issuance authority provided by Congress and the President. |
|
||||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion