After funding issues threatened to halt the project last year, plans for the Ronald O. Perelman Performing Arts Center at the World Trade Center are now back on track after an agreement made between the venue and the Port Authority of New York and New Jersey. Earlier today, New York Governor Andrew Cuomo announced the 99-year deal that will allow World Trade Center Performing Arts Center, Inc. to lease the land for just $1 per year. In return, the Center will pay the Port Authority $48 million from funding to cover the cost of the building’s below-ground construction, which is already underway and scheduled to finish this year. Of the building’s estimated $363 million price tag, about $295 million has already been raised, including a $75 million gift from the building’s namesake, businessman Ronald O. Perelman.
View moreView full description