The Port Authority of New York and New Jersey, owners of the World Trade Center Site will be holding a special meeting today to vote on the funding required for two towers being developed by Larry Silverstein.
The vote that takes place today will solidify tentative deals announced between the Port Authority and Larry Silverstein in recent weeks.
The financing terms call for $1 billion dollars help from the Port Authority to develop a 64-story tower at the World Trade Center site. The Port Authority will also provide $600 million in backup funds for another 71-story tower, contingent on Silverstein being able to raise $200 million in cash as well as tenants for the building.
These two buildings are being constructed in tandem with 1 World Trade Center which was previously known as the Freedom Tower.