Port Authority of New York
ORG
Port Authority of New York Port Authority
The Port Authority rejected a new offer from the developer Larry A. Silverstein to revive the negotiations. Talks between Mr. Silverstein, who controls the lease at ground zero, and the Port Authority of New York and New Jersey, which owns the land, abruptly broke off. Port Authority officials said that the overture did not amount to a starting point for a new agreement. Port Authority staff will develop a counterproposal that we believe will work for both parties to get this deal done. The dispute between Mr. Silverstein and the Port Authority surfaced as state and city officials became concerned about the developer's ability to rebuild the entire sitee. Anthony R. Coscia, chairman of the Port Authority, has expressed that he will not agree to a deal that enriches Mr. Silverstein, while leaving the authority with hundreds of millions, if not billions, of dollars in bills. The Port Authority rejected a new offer from the developer Larry A. Silverstein to bring back the negotiations and said it would unveil its own proposal for the site the coming week. Talks between Mr. Silverstein, who controls the lease at ground zero, and the Port Authority of New York and New Jersey, which owns the land, abruptly broke off. The developer had submitted what state officials and Port Authority executives said was a one-sided counterproposal that shifted all the development risks onto the authority, while guaranteeing Mr. Silverstein a profit.