Art News

World Trade Center cost rises to $14.8B; projected cost has risen $3.8 billion since 2008

NEW YORK (AP).- The agency that is building the new World Trade Center is “dysfunctional” and has let costs get out of control on the $14.8 billion project, auditors said Tuesday. The projected cost of the complex has risen $3.8 billion since 2008, when it was estimated at $11 billion, Navigant Consulting, Inc., said in its audit of the Port Authority of New York and New Jersey. Third parties have promised to reimburse the Port Authority for much of the construction, but the agency’s remaining bill is still expected to reach $7.7 billion, up 28 percent from the last estimate of $6 billion, auditors said. The audit was ordered by the governors of New York and New Jersey. It strongly criticized the Port Authority, which also runs New York area airports, seaports and Hudson River crossings. The Port Authority is “a challenged and dysfunctional organization