NEW YORK CITY—Governor Andrew Cuomo has approved over $1.6billion in debt funding that will allow developer SilversteinProperties to complete Three World Trade Center. The bonds arebeing provided by the New York Liberty Development Corp.

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"The World Trade Center is a reminder of the resilienceand determination that defines us as New Yorkers, and today we aretaking another step forward in rebuilding it for the future," saysGovernor Cuomo. "This funding is crucial to keeping theconstruction and development of 3 World Trade Center on track, andI look forward to seeing the project come to fruition."

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Scheduled for completion in 2018, Three World Trade Centerwill stand 80 stories high and include 58 office floors withapproximately 2.5 million square feet of overall office space.Additional funding will be provided through insurance proceeds andequity contributions by the project developer, World Trade CenterLLC, an affiliate of Silverstein, as well as other financialassistance from the state, city, and the Port Authority of New Yorkand New Jersey.

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New York Liberty Development Corp. director Kenneth Adamssays, "Today's approval of $1.6 billion in funding represents amajor milestone for the World Trade Center site. Tower 3 is anessential component to revitalizing the downtown area and I thankthe Governor, our directors and all of our partners, for theircritical and ongoing leadership and support."

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Adds Port Authority executive director Pat Foye, "Today'sissuance of Liberty Bonds to finance the construction of 3 WTCbrings us one important step closer to completing our mission ofrebuilding the World Trade Center site and is consistent with themodification to the 2010 financing agreement approved by the Boardof Commissioners in June."

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The New York Liberty Development Corporation is a conduitissuer for all commercial Liberty Bonds issued on behalf of thestate and the bonds must be repaid by the projectdeveloper.

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Rayna Katz

Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.