In all, the Mayor's plan would cost an estimated $10.6 billion,of which $5.9 billion would be funded by the federal government, hetold those attending the Association for a Better New Yorkbreakfast meeting this morning. Another primary financial componentof the proposed plan, he said, is the development of an incentiveprogram to attract international corporate headquarters to thearea. Bloomberg suggests the use of insurance proceeds to lowerrents and the completion of new commercial construction withtax-free Liberty Bonds.

Under the World Trade Center Tax Incentive Zone, foreigncompanies relocating to Lower Manhattan "would be taxed as if theyhadn't relocated at all, fully protected from the increased federaltaxes associated with moving the United States," saidBloomberg.

He also hailed Goldman Sachs, during his speech, for the firm'sdecision not to move its equity division out the city. Separately,Bloomberg has also said he will take strong measures to preventBear Stearns Cos. from relocating 1,500 employees from Brooklyn toNew Jersey.