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Ground Zero site to be handed over

The Port Authority of New York and New Jersey, who owns the World Trade Center site in New York, will hand over the site to the developer, Larry Silverstein in the next few days, putting an end to huge £181,222 ($300,000) daily fines

The Port Authority of New York and New Jersey was forced to pay the penalties to developer Larry Silverstein for missing deadlines to hand over the land for a new three-tower development.

Fines on the 16-acre site have built up to tens of millions of dollars after the excavation deadline on Jan 1 2008 was missed by the agency.

The agency and the developer are currently locked in a battle over the the lease to rebuild on the site and how to finance the new towers.

Chris Ward the executive director at the agency told City Council members on August 19 that the turnover will “start the clock” on Silverstein’s chance to get its proposals in motion.

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