by Lionel Bascom — February 11th, 2007 — 1 comment
Emi Endo, a Newsday staff writer calls the most talked about construction project in America the “iconic, birdlike World Trade Center. She says the soaring cost of the transit hub at the center of all the hub bub is driving up the bottom line. That bottom line keeps growing as the legal troubles over how all of this will be paid for grows as the financials for each project at the World Trade Center grows too. The Port Authority of New York and New Jersey is currently looking at ways to cut costs for a budget that is now somewhere between $2.2 and $2.5 billion.
In a letter this week, Port Authority executive Tony Shorris told chairman Anthony Coscia that contractor Phoenix Constructors now projects costs of between $2.7 billion and $3.4 billion,’ Endo wrote “We have notified Phoenix that costs so substantially above the original budget for the Hub are simply unacceptable, and we will need to consider a range of options for completing the project,” Shorris wrote.
12:44 AM in Uncategorized, The Construction, World Trade Center, Ground Zero, Related Stories, Freedom Tower News
If these financial issues are true, then soon, I expect to read that the governmental financing agency, aka taxpayers, will be footing most of the bill for this project. This could have two repercussions:
1. The budget deficit would sprout new wings.
2. The Freedom Tower tenants would lose most, if not all, of their freedom.
I applaud the Port Authorities of New York and New Jersey for seeking an evaluation of priorities, as they attempt a sound solution to make this new Freedom Tower/World Trade Center a lovely reality.
Jeanne · February 11th, 2007 at 8:43 am