WTC owners turn over land to ground zero developer after paying more than $100M in late fees
Associated Press
08/24/09 3:50 PM EDT
NEW YORK — The owners of ground zero say they've stopped paying $300,000-a-day penalties to the developer at the World Trade Center site after more than a year.
The Port Authority of New York and New Jersey turned over a final parcel of land at the site to developer Larry Silverstein on Sunday.
The agency has paid Silverstein more than $125 million in late fees since early 2008, when it began missing deadlines in its lease to turn over land where Silverstein wants to build three office towers.
Silverstein has gone to an arbitrator to work out new terms for the 3-year-old agreement with the agency, seeking financial backing for two of his towers. The agency has offered to partially back a second tower if Silverstein puts more of his own money on the table.
