A three-judge arbitration panel has finished hearings on whether the Port Authority of New York and New Jersey has met its financial obligations to developer Larry Silverstein, who plans to build three towers at Ground Zero, Crain’s reported today. The two parties have been in a deadlock since this summer, with the Port Authority offering to fund one tower and Silverstein contending that the agency should financially back two of the towers. One of Silverstein’s towers, and a fourth tower for the site that the Port Authority is building, is already under construction. The panel’s decision is expected to come in early 2010. While the panel cannot necessarily rectify the dispute, experts contend that its call could bring the two warring parties back to the negotiating table.
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