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    World Trade Center cost rises by $4B over 4 years

    By CHRIS HAWLEY | Associated Press – Tue, Feb 7, 2012

    NEW YORK (AP) — The agency building the new World Trade Center has let costs get out of control, with the estimated price tag soaring nearly $4 billion over the last four years, auditors said Tuesday.

    Navigant Consulting said the project is now expected to cost $14.8 billion, 35 percent more than the last estimate, of $11 billion, in 2008.

    New York Gov. Andrew Cuomo and New Jersey Gov. Chris Christie ordered the review of the World Trade Center site's owner, the Port Authority of New York and New Jersey, after the agency's board voted to raise bridge and tunnel tolls in August.

    The auditors said the Port Authority, which runs area transit hubs including Kennedy and LaGuardia airports, is "a challenged and dysfunctional organization suffering from a lack of consistent leadership, a siloed underlying bureaucracy, poorly coordinated capital planning processes, insufficient cost controls and a lack of transparent and effective oversight of the World Trade Center program that has obscured full awareness of billions of dollars in exposure to the Port Authority."

    The Port Authority has lost millions of dollars in revenue because of lower traffic at the ports, airports and river crossings it operates, and the World Trade Center has suffered a number of setbacks since rebuilding began after the Sept. 11, 2001, terror attacks destroyed its Twin Towers.

    The company that is laying steel for the main tower has run into financial problems. A mistake in the design means the Port Authority will have to spend millions of dollars on temporary loading docks for the building. And the builders of the Sept. 11 museum are fighting with the agency over construction costs.

    The Port Authority's new director, Patrick Foye, said Tuesday the agency was taking the auditing firm's recommendations seriously and would begin an overhaul of its structure.

     

    7 comments

    • RichardZag
      RichardZag  •  3 mths ago
      If it doesn't work out, Larry Silverstein can "pull" this one just like last time. If they do pull, hopefully this time around, there will be less asbestos and toxic compounds released, and there won't be such a rush to destroy evidence, so a smaller number of workers will get deadly respiratory diseases and cancers. We Americans are gluttons for punishment. We love it when our leaders murder us. We are like a battered wife who keeps making excuses for her husband because we can't face the truth.
    • JOHN
      JOHN  •  Chicago, Illinois  •  3 mths ago
      it only took alittle over a year to put up the empire state building, thanks to politics and idiot politicians in new york, like the governor, the senators, the mayor-the world trade center could've been up a long time ago-hang your heads in shame!!!!!!
    • Rick
      Rick  •  3 mths ago
      government excellence in action ya'll - a site that already had 2 previous 110 story buildings, land they owned, an existing permit, tons of infrastructure and $4B over an estimate a few years ago - BRILLIANT!!
    • Ghost
      Ghost  •  3 mths ago
      Why rebuild it ? All the important stuff like the records of up coming law suits for insider trading involving the oil business has been destroyed, or shipped to another country !! Just another future target for a war starting government so they can officailly blame it on a natural resource rich country again !!
    • Zjeepman
      Zjeepman  •  3 mths ago
      Just put up a Motel 8. The memorial will be the light they leave on... Less expensive and it will be profitable.
    • mot
      mot  •  3 mths ago
      What a fitting monument to Americana.
    • Victoria Two
      Victoria Two  •  3 mths ago
      The fat cats keep getting fatter.
     Post a comment
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