Ground zero impasse goes to arbitration

September 7, 2009 11:37:34 AM PDT
The World Trade Center site's developer is going to arbitrators to settle a monthslong lease dispute that has threatened to stall rebuilding at ground zero. Larry Silverstein called Tuesday for hearings in September and a binding ruling in the argument over his agreement to build three office towers at the lower Manhattan site. Silverstein says the site's owner, the Port Authority of New York and New Jersey, isn't rebuilding parts of the site on time.

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Port Authority Executive Director Chris Ward says the agency is meeting its obligations.

Each side has the right to take the case to arbitration.

Silverstein wants more than $3 billion in backing from the agency to build two of the towers.

The agency has agreed to back a tower now under construction and back the second if Silverstein commits more than $600 million first.


NEW YORK AND TRI-STATE AREA NEWS

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