Audit: World Trade Center Cost Has Ballooned
An auditing firm says the cost of the World Trade Center has ballooned by nearly $4 billion over the last four years.
Navigant Consulting said Tuesday the Port Authority of New York and New Jersey is a dysfunctional organization that has let the project’s costs get out of control. The estimated cost has gone from $11 billion in 2008 to $14.8 billion now. That’s nearly 35 percent.
New York Gov. Andrew Cuomo and New Jersey Gov. Chris Christie ordered the review after the agency’s board voted to raise bridge and tunnel tolls in August.
The Port Authority has lost millions of dollars in revenue because of lower traffic at its ports, airports and river crossings. The company that is laying steel for the main tower has run into financial problems.
(Copyright 2012 by The Associated Press. All Rights Reserved.)