Port Authority, city make deal for arts center near Ground Zero

TRD New York /
Jun.June 23, 2010 02:45 PM

The Port Authority of New York & New Jersey yesterday approved an agreement with the city, under which the city will reimburse the agency up to $44 million for building underground foundations and infrastructure for a performing arts
center at Ground Zero, the New York Times reported. The vote does not guarantee that an arts center will be built on the World Trade Center site, as called for by the master plan. The PA, which owns the site, and the city support that plan, but there are others who believe the construction for the arts center could be completed more quickly and for a cheaper price elsewhere. Lower Manhattan Development Corporation, which controls $50 million in federal funds earmarked for the project, has explored the nearby Deutsche Bank at 130 Liberty Street as an alternate site. LMDC has yet to release the funds and has also been negotiating a “clawback” agreement with the city and the authority that would require that the funds be returned if they are ultimately used for private development rather than a performing arts center or some other
public purpose. [NYT]

 

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