THE PORT AUTHORITY OF NY & NJ
Press Release Article
STATEMENT BY CHRISTOPHER O. WARD, EXECUTIVE DIRECTOR OF PORT AUTHORITY OF NY & NJ, IN RESPONSE TO SILVERSTEIN PROPERTIES NOTICE OF DISPUTE
Date: Jul 06, 2009
Press Release Number: 84-2009
"It’s unfortunate SPI is walking away from the negotiating table simply because the public has been unwilling to sacrifice critical transportation projects to subsidize private speculative office space.
"As the 2006 Master Development Agreement (MDA) makes clear, the Port Authority is meeting all of its obligations, and we look forward to a quick arbitration decision should Mr. Silverstein continue down this legal path.
"In the meantime, the Port Authority will continue making progress on all of its projects on the site, including the 9/11 Memorial, the WTC Transportation Hub, One World Trade Center and the public infrastructure. We will also continue to invest every dime of the insurance proceeds back into the rebuilding as part of the $11 billion in capital capacity that we are spending on the site’s reconstruction.
"We are certain that SPI understands that an arbitration decision under the MDA will not resolve when there will be a market for two private office towers on the site, and how this speculative private office space should be financed. A resolution to these issues can only be accomplished through good faith negotiations, not a legal fight.
"That is why the Port Authority has offered several different proposals that would give Mr. Silverstein the ability to build a rational amount of office space while protecting scarce public resources for the public projects on the site and for the critical transportation projects that are vital to this region’s economy. We continue to urge SPI to accept any one of these multiple proposals."
Port Authority of NY & NJ Media Relations