NEW YORK (AP) — A partly built World Trade Center skyscraper is getting an influx of federal money towards its completion.
Sen. Charles Schumer announced Monday that officials have cleared the way for $340 million in federal bonds for 3 World Trade Center.
The New York Democrat worked to get the Internal Revenue Service to make it clear that what are known as Recovery Zone bonds still could be used for the project. The bonds’ initial deadline was 2010.
The $2 billion tower is to be 80 stories tall. So far, the seven-story base has been built.
The project overcame a key hurdle last month, when media investment firm GroupM leased about 516,000 square feet.
Developer Silverstein Properties Inc. Calls the recovery bonds an important financing component.
The tower is to open in 2017.