WTC $2B Over Budget, In Need Of Private-Sector Help: Audit
By Kaitlin Ugolik
Law360, New York (February 8, 2012, 2:37 PM ET) -- The Port Authority of New York and New Jersey has underestimated nearly $2 billion in costs for the redevelopment of the World Trade Center so far, and may need to lean more heavily on private financing partners to mitigate the costs of finishing the project, according to an audit released late Tuesday.
The audit, conducted at the request of New York Gov. Andrew Cuomo and New Jersey Gov. Chris Christie and completed at the end of January, shows that the estimated cost of redeveloping the World...