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Silverstein serves PA with “notice of dispute”

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Silverstein
Properties sent the Port Authority of New York and New Jersey a “notice
of dispute” today regarding the two parties’ World Trade Center
redevelopment argument. The notice triggers a 10 business-day period
in which Silverstein and the Port Authority will meet to try to come up
with a resolution. If there is no agreement in the negotiations, either
party can call in an impartial panel to resolve the dispute through
binding arbitration. Mayor Michael Bloomberg recently singled out the
Port Authority for dragging out the World Trade Center redevelopment
talks, which so far have been unsuccessful in finding a resolution. TRD

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