After spending months arguing over how to finance three of the towers at the World Trade Center site, developer Larry Silverstein seems slightly more impressed with the authority's latest offer. Silverstein wants the Port Authority to finance at least two of the towers since he's having a hard time getting tenants, but the PA had refused. Now, the Times is reporting the Authority has agreed to financially support the first tower and back the second one after Silverstein secures more tenants.
According to the Observer, the Port Authority's deal would still require Silverstein to raise $300 million in private capital for the projects. But that's asking a lot less than the Port Authority's last offer, which would have had Silverstein cough up $625 mil. Silverstein's spokesman says they're "currently studying" the new proposal. The deal would also require the city to pony up more money. Mayor Bloomberg hasn't liked that idea in the past, but he also doesn't like having a hole in the ground in Lower Manhattan.
The Post reports New Jersey Governor Chris Christie, who oversees the Port Authority along with Governor Paterson, supports the latest proposal. Governor Paterson, presumably, has other things on his mind.