NY to Spend US$10 Bn to Rebuild Lower Manhattan

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Last updated at: (Beijing Time) Friday, December 13, 2002

NY to Spend US$10 Bn to Rebuild Lower Manhattan

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New York City Mayor Michael Bloomberg on Thursday unveiled a 10.6 billion US dollar plan to revitalize the Lower Manhattan area, less than a week before an agency is to announce new design proposals for the World Trade Center which collapsed after the terrorist attacks on Sept. 11, 2001.

The mayor told a gathering of business leaders of the Association for Better New York that most of the funds -- 8.8 billion dollars -- would go to infrastructure including the connection to John F. Kennedy Airport.

A rail link to the airport would take about nine years.

The plan also includes the construction of 10,000 private apartments in addition to the 65,000 housing units he proposed earlier this week, as well as shopping and cultural facilities.

Bloomberg said the program would be funded through insurance payouts, federal grants and the sale of bonds. Some 5.9 billion dollars are expected to come from the federal government.

"No matter how magnificent the best design for the 16 acres of the World Trade Center site proves to be, it must be complemented by an equally bold vision for all of Lower Manhattan," said the mayor, claiming to make the area "downtown for the 21st century."

Lower Manhattan stands on the tip of Manhattan isle, where Wall Street financial corporations, New York Stock Exchange and World Trade Center are located. The September 11 tragedy brought about heavy losses to the area.

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