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May 29, 2008
Financing Woes Could Doom Lower Manhattan Agency
The NY Sun
By Peter Kiefer
The latest installment in the continuing saga of redevelopment of Lower Manhattan mentions developer Bruce Ratner's Frank Gehry-designed Beekman St. tower, which will finally have its design unveiling tomorrow.
The agency responsible for overseeing more than $20 billion of construction in Lower Manhattan is in danger of being disbanded because financing from the state, the Metropolitan Transportation Authority, and the Port Authority of New York and New Jersey has not been forthcoming, according to several sources.
The hybrid city and state agency known as the Lower Manhattan Construction Command Center is in charge of coordinating the development of the World Trade Center site, including plans for a new PATH Station, the MTA's Fulton Transit Center, and the construction of developer Bruce Ratner's 75-story Beekman Tower, among others.
The agency is facing a budget shortfall of about $9 million, according to officials from the Lower Manhattan Development Corp., which controls the Command Center. The Port Authority owes about $5.2 million and the MTA owes $3.8 million. Both entities are controlled by Governor Paterson.
Posted by lumi at May 29, 2008 4:37 AM