NEW YORK CITY—The Port Authority of New York and New Jersey's Board of Commissioners decided today to put off the controversial vote on a financing deal valued at more than $1 billion on the construction of 3 World Trade Center until its next meeting in May.

Port Authority Executive Director Pat Foye says the vote on providing developer Silverstein Properties Inc. with a $1.2-billion financial guarantee was tabled because negotiations between the authority and Silverstein were not finalized, according to Crain's New York Business.

The backing from the Port Authority would allow Silverstein to secure financing for the 53-story, 2.8-million-square-foot building. The vote has revealed a divide among Port Authority commissioners on the 3 WTC financing plan.

Scott Rechler, vice chairman of the Port Authority's board of commissioners, has been a vocal proponent of the plan, saying that the deal will allow the Port Authority to collet rent much sooner than its current arrangement. He estimates the authority would receive approximately $130 million for the tower's retail space.

Port Authority Commissioner Ken Lipper has opposed the deal. He told the newspaper today that the postponement of the 3 WTC financing plan vote was “gently putting the $1.2-billion government guarantee proposal to eternal sleep.”

“Let the private sector carry out its appropriate role of allocating credit at fair price and time that is reflecting market risk … (and) we can return to our core transportation infrastructure mission, as Congress intended in forming us a century ago,” Lipper added. See story in Crain's New York Business.