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Silverstein signed lease for buildings weeks before attacks Original Source Link: (May no longer be active)    http://www.nydailynews.com/news/local/story/58828p-55096c.html http://www.nydailynews.com/news/local/story/58828p-55096c.html Offices at WTC site is titan's tall order By GREG GITTRICH DAILY NEWS STAFF WRITER Twin towers leaseholder Larry Silverstein insisted yesterday that billions of dollars in insurance money for the World Trade Center must be used to rebuild office buildings - and nothing else. "There's no way that you can take insurance company money for office buildings and allocate it for some other use," Silverstein said at a meeting with Daily News editors and reporters. Silverstein said he told City Hall exactly that after Mayor Bloomberg presented his vision for lower Manhattan, which includes using up to $2.9 billion of the insurance proceeds for rebuilding projects on and off Ground Zero. The mayor's plan, released in December, presents a best-case scenario that assumes the city will acquire Ground Zero from the Port Authority by the end of this year - by trading city land beneath LaGuardia and Kennedy airports for the site or through another means. Under the plan, the city would buy out Silverstein's lease and then negotiate a settlement with the insurance companies. Silverstein, who signed a lease for the twin towers weeks before the terrorist attacks, is seeking $6.7 billion in insurance payments, arguing that two attacks brought down the Trade Center. His insurers dismiss the two-attack argument and maintain that he is entitled to a single payout - no more than $3.5 billion. Any suggestion that all the money won't be used to rebuild the 10 million square feet of destroyed commercial space could hurt Silverstein's argument. The city's plan would agree to settle the legal dispute for roughly $5.3 billion. A portion of that money would be used to buy out Silverstein and subsidize tax-free Liberty bonds to build office space. The remaining money would be used to fund other projects. The Bloomberg administration did not return calls yesterday. City officials are still negotiating with the PA about acquiring Ground Zero. Last week, rebuilding officials chose two land-use plans for the site as finalists. A winner is to be selected by the end of the month. Silverstein, who initially objected to the plans, said he is meeting with the architects who prepared the ideas. He also is expected to meet with Bloomberg and Gov. Pataki this week. Originally published on February 11, 2003

Developer in insurance showdown Judge decided attack is two events { December 6 2004 } Leaseholder fights over insurance claim { February 7 2004 } Silverstein signed lease for buildings weeks before attacks Silverstein wanted to close deal quick before attacks Files Listed: 5

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