Letter to Jack Lew, Secretary of the Treasury - Three World Trade Center

Letter

Dear Secretary Lew:

I am writing in regards to guidance requested by New York Liberty Development Corporation (NYLDC) from the U.S. Department of Treasury and the Internal Revenue Service with respect to the ability to issue Recovery Zone Facility Bonds to refund currently outstanding Recovery Zone Facility Bonds for use in connection with the development of 3 WTC. Tremendous progress has been made rebuilding Downtown and now 3 WTC is the next building ready to rise. With financing expected to be secured shortly, the U.S. Department of Treasury and Internal Revenue Service must now provide the appropriate guidance so that Recovery Zone Facility Bonds issued with respect to 3 WTC can be refunded and reissued and the federal government can deliver on their commitment to rebuild Lower Manhattan.

Following the tragedy of 9/11 the federal government committed $20 billion to help Lower Manhattan recover and redevelop. $338,050,000 of the Recovery Zone Facility Bonds were allocated for 3 WTC as an essential component of the master redevelopment plan. These bonds were issued prior to January 1, 2011 but the proceeds were held in escrow because of the inability to obtain additional construction financing as a result of the then-existing credit crisis. Construction at the site has progressed; the foundation and podium base to the seventh floor are almost complete. Now access to the Recovery Zone Bonds proceeds are needed to complete the full 2.88 million square foot building.

I urge that the appropriate guidance is provided to meet the construction timeline of the first quarter of 2014 so we can continue rebuilding Downtown.

Sincerely,

U.S. Senator Charles E. Schumer

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