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The stalled development of the eastern portion of the World Trade Center site crept closer to progress yesterday with a tentative deal between New York City and the state, the Port Authority and developer Lawrence Silverstein.
Details of the agreement - which will allow three office towers to be built, although one will be delayed indefinitely because of the poor economy - will be worked out over the next four months by lawyers and officials, after which the 12-member board of the Port Authority will have a final vote. The arrangement was announced by the authority after its board meeting yesterday.
Although Tower 7 was completed by Silverstein in 2006, a stalemate arose over financing the remainder, with the authority offering to provide funding for one tower, but Silverstein, citing the difficult economy, wanting the agency to finance two of the three. The Port Authority had said Silverstein should find corporate tenants and private financing before building the other two.
Under the tentative deal, construction on Tower 4 - funded by special bonds issued by the federal government expected...