Financing dispute will likely delay Sept. 11 museum

TRD New York /
Nov.November 21, 2011 09:10 AM

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]


Related Articles

arrow_forward_ios
Governor Andrew Cuomo and Senator James Skoufis (Credit: Getty Images, NY Senate)

Owners of some residential properties can’t hide behind
LLCs anymore

Governor Andrew Cuomo and 538 Johnson Avenue in Brooklyn (Credit: Google Maps and Getty Images)

Landlords take another hit: Cuomo signs expanded Loft Law

Governor Andrew Cuomo (Credit: Getty Images)

Cuomo wants to exempt NYC from prevailing wage bill

Governor Andrew Cuomo (Credit: Getty Images)

Cuomo makes prevailing wage pitch in proposed 2021 budget

Governor Andrew Cuomo outlines strategies for the 2021 New York Budget (Credit: Flickr)

Cuomo spares real estate in plan to close $6B budget gap

Epstein's Mansion at 9 East 71st Street and the Frick Museum at 1 East 70th Street with Jeffrey Epstein (Credit: Getty Images, Google Maps, Wikipedia)

Preservationists want the Frick to buy Epstein’s old mansion

From left: Deputy Mayor of Housing and Economic Development Vicki Been, Sen. Brian Kavanagh (inset), Brooklyn Borough President Eric Adams, State Division of Homes and Community Renewal Commissioner Ruthanne Visnauskas (inset), Council member Keith Powers, with Governor Andrew Cuomo and Mayor Bill de Blasio (background) (Credit: Anuja Shakya, Getty Images)

Politico shows and no-shows: What public officials attended the REBNY gala?

Governor Andrew Cuomo (Credit: Getty Images)

Cuomo rakes in real estate cash — but not from LLCs

arrow_forward_ios
Loading...