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World Trade Center dispute could cost $2.7B

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The World Trade Center financing dispute between Larry Silverstein and the Port Authority of New York and New Jersey may cost the Port Authority as much as $2.7 billion, sources told Bloomberg. There could be up to $1 billion in lost rent, infrastructure expenses of as much as $1.1 billion, and $600 million needed to build retail stores that could be the bases for towers in the future. Silverstein has asked the Port Authority to give financial guarantees of $2.6 billion for his construction of two office towers. The Port Authority has offered to guarantee financing only if Silverstein raises $625 million from lenders or investors. Port Authority spokesman Stephen Sigmund said the $2.7 billion estimate is incorrect and Silverstein’s proposal would be more expensive.

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