NEW YORK CITY-One of the more overlooked components of the WorldTrade Center complex, a proposed performing arts center, has gottena $100-million shot in the arm thanks to a recommendation by aLower Manhattan Development Corp. committee and an agreementannounced Wednesday by city and state officials to set up a fund.The money will be allocated from a pool of federal funds that havebeen directed to rebuilding Downtown.

“Our collective desire to put $100 million towards thedevelopment of the Performing Arts Center at the World Trade Centersite makes clear that the cultural venue is a critical part of theongoing revitalization of Lower Manhattan,” Mayor Michael Bloombergsays in a statement. Next on the agenda will be figuring out how toapportion the remainder of the approximately $200-million federalallocation among various Downtown infrastructure upgrades andeconomic development, transportation, cultural and communityprojects. The LMDC will vote on the plan at its next meeting inNovember.

The PAC has been part of the Port Authority of New York and NewJersey’s master plan for redevelopment at Ground Zero since 2004.At that time, the Joyce Theater was selected to be a prime tenantin the arts center, and is currently the only one committed to it,with others having bowed out over the years.

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Paul Bubny

Paul Bubny is managing editor of Real Estate Forum and He has been reporting on business since 1988 and on commercial real estate since 2007. He is based at ALM Real Estate Media Group's offices in New York City.