Word: agreement
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...towers. The new World Trade Center will cost more than $15 billion and anchor the country's fourth largest business district after midtown Manhattan, the Loop in Chicago and downtown Washington. Construction on the Freedom Tower finally began last month, in a symbolic groundbreaking, after Silverstein came to an agreement with state and city agencies that will divide responsibility for different parts of ground zero...
...white elephant and a money loser. Pataki can claim that construction is moving forward, in time for his expected presidential bid. Bloomberg, who has long pushed for adding residential space, will probably get that with Tower 5. There are yet some issues on the table, but the agreement was enough to clear the way for construction on the Freedom Tower to begin April...
Even if he does find the tenants, Silverstein's methodical plan for development--one building at a time--has maddened his critics, convincing them that he simply does not have the cash to build out the site. The April agreement gives him about 60% of the $3.3 billion in public funding made available from Liberty Bonds to finish the site. He also has a $4.6 billion insurance settlement--it was ruled that the towers were hit by two separate attacks--although that is under appeal...
...Silverstein will move forward with construction--to the relief of a city that has grown weary of the endless bickering. But change could still be in the works. The Port Authority doesn't officially vote on the agreement with Silverstein until late September. More important, with Pataki in his final year in office, New York will get a new Governor--with ultimate authority over the site--next January. Expect the future of ground zero to be re-examined yet again. [This article contains a complex diagram. Please see hardcopy of magazine.] Grand Vision The planned office towers and memorial...
...ordain the two bishops was a deliberate bid to reassert its authority over the country's Catholics. Becquelin believes that church officials may have overestimated China's flexibility. "There was never any intention by Beijing to change or loosen its grip on religion," he says. "Either they got an agreement on their terms, or they maintain the status quo under which they have pretty good control of the underground Catholic Church...