The owner of the WTC plans on rebuilding

[Elvis]

*Originally posted by KellyM *
**For the record:

The Port Authority of New York and New Jersey owned the World Trade Center complex. Larry Silverstein is the CEO of the group which holds a 99-year fully-paid lease on the WTC complex, for which they paid the PANYNJ roughly $3.6 billion less than a year ago.

The contract between the PA and Silverstein specifically covered terrorism. From what I understand, the lease was abrogated by force majeure when the buildings were destroyed and the leasehold reverted to the PANYNJ. Silverstein is out the $3.6 billion but may have insurance to cover that loss. The PA can rebuild or not, either with the $3.6 billion or with insurance money or both.

Of course, my understanding could be incorrect. **

My understanding, which could also be incorrect, is that the $3.6 billion was to be paid over the course of the 99 years lease. Silverstein, if I recall, paid $96 million as a “down payment” on the lease. He is, of course, excused from paying any future rental payments due under the lease because of the total destruction of the premises. Whether he is able to recover the $96 million from his insurer and whether he has some role in the rebuilding is another story.