In one scenario sketched for the Daily News by city and state officials, the timetable being put to Silverstein could prove difficult to meet. If he falls short, the Liberty Bonds could be diverted, further hampering his plans.

A hearing on the bond application is set for this morning. Pataki and Bloomberg must sign off on Silverstein's bid before a vote by the city's Industrial Development Agency board, which will meet Tuesday.

Silverstein said he's being slowed because some of the sites aren't ready for construction.

"Construction cannot proceed until government finishes excavating," Silverstein said, noting that the timetable for three sites to be ready is mid-2008.
BY LISA L. COLANGELO
and PAUL D. COLFORD
DAILY NEWS STAFF WRITERS