Silverstein gets $285M in stimulus leftovers

Larry Silverstein’s 3 World Trade Center is getting $285 million in leftover tax-exempt federal stimulus bonds from various local governments around New York State that have been unsuccessful in spending them before they expire at the end of the year, DNAinfo reported. The 71-story Tower 3, which is slated for completion in 2015, is expected to cost upwards of $2 billion. Gov. Paterson signed an executive order at the end of last week to allow the state to take back the rest of its Recovery Zone Facility Bonds from city and county governments and redirect them towards Tower 3 in order to “create jobs, foster economic development and develop critical infrastructure,” he said. The state had received $555 million in such bonds overall, of which more than half were unused. New York City used $65.5 million of its $121 million allotment prior to the additional funding now in line for Tower 3. [DNAinfo]