The Real Deal New York

Financing dispute will likely delay Sept. 11 museum

November 21, 2011 09:10AM

Construction costs will likely delay the planned 2012 opening of the Sept. 11 museum at the World Trade Center, the Wall Street Journal reported.

Two months ago the Port Authority of New York & New Jersey, which owns the site, ceased to renew construction contracts for the $800 million project, slowing progress because it says the National September 11 Memorial & Museum foundation owes $156 million.

But the foundation believes it is owed more than $100 million because of delays. The two sides are negotiating in hopes of settling the dispute out of court.

Generally speaking, the Journal said the foundation is responsible for the museum costs while the Port Authority covers infrastructure expenses.

The Journal noted that this is just the latest in funding setbacks for the World Trade Center redevelopment, where the costs have reached more than $11 billion. The Port Authority has covered most of the additional expenses, but the governors that control it, Andrew Cuomo and Chris Christie, have begun to look to control the agency’s spending. [WSJ]

One Response to “Financing dispute will likely delay Sept. 11 museum”

  1. April 19, 2012 at 4:44 pm, Sept. 11 Museum subcontractors to receive pay – insiderater.com said:

    [...] previously reported, a financing dispute over construction costs was likely to delay the opening of the museum, which was slated to be [...]

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