9/11 Memorial Museum Resumes Construction, Financing Dispute Resolved

by / Tuesday, 11 September 2012 / Published in Construction Financing

One World Trade CenterAgreement Reached About Memorial Construction Financing

On the 11th anniversary of the September 11 attacks on the World Trade Center, New York City mayor Michael Bloomberg and New York state governer Andrew Cuomo have announced that construction on the 9/11 Memorial Museum will resume. The museum was originally scheduled to open in 2009, but was postponed until this year’s anniversary. However, the opening was delayed once again due to a financing dispute between the 9/11 Memorial and Museum Foundation and the Port Authority of New York and New Jersey, which owns the World Trade Center site. The museum is now expected to be completed in time for the 2014 anniversary.

A deal was reached late Monday night between Bloomberg, Cuomo and New Jersey governor Chris Christie, and a six page “memorandum of understanding” was issued stipulating the construction financing terms of the project. The 9/11 Memorial and Museum Foundation will pay $17 million to the Port Authority, which will also be granted greater access to the Foundation’s financial records.

Although the total costs of museum construction were originally projected at $680 million, the project is now expected to cost between $700 million and $1.4 billion. These projected costs are still the subject of dispute among the parties involved, but an agreement has been reached to continue construction until the project is completed.

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