Ground Zero developer Larry Silverstein says he will need all the remaining Liberty Bonds – about $3.5 billion worth – to help pay for construction of five new office buildings at the World Trade Center site, including the Freedom Tower.
Silverstein’s request was raised at a meeting of the Lower Manhattan Development Corp. yesterday – but was actually first broached by one of the developer’s associates at a City Council hearing last week.
Janno Lieber, director of World Trade Center development for the Silverstein organization, told the council’s Economic Development Committee that the project “may need up to $3.5 billion in Liberty Bonds.”
Silverstein, the trade center leaseholder, has been under pressure to complete a financial plan for the massive construction project since a federal jury drastically reduced the insurance payout for the terror attacks.
Silverstein had hoped for $7 billion, but will get less than $4 billion.
The developer has insisted that he has enough money to build the Freedom Tower and would be able to finance the additional office buildings later.
LMDC board member Roland Betts said it was too early to say how exactly the remaining tax-exempt funds would be used.
“The assumption from the beginning was that $3 billion of Liberty Bonds would be used for development of the site,” he said.
But the LMDC is facing the cost of financing additional projects at the World Trade Center, including the memorial and massive infrastructure improvements.