Schwarz
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Real estate developer Larry Silverstein, who holds the rights to build on Ground Zero, is asking the state and city for permission to sell $3.3 billion worth of so-called Liberty Bonds to help finance the office towers that are supposed to rise on the site. He must be required to make some very big promises to get them.
Gov. Pataki and Mayor Bloomberg must use every bit of leverage they can apply to persuade Silverstein to surrender his near total control over building the mega-project. And, critically, they must insist that Silverstein forfeit the bonds if his development scheme doesn't meet the tightest possible schedule for construction.
Created by the federal government after 9/11, the bonds are a critical economic development tool that must not go to waste. If Silverstein falters for a minute, he must lose them. And there is great concern he will falter because his plan to build 10 million square feet of office space in five buildings around Ground Zero is economically dubious, even if he does receive all the proceeds of the insurance he had on the World Trade Center.