Claims News Service, Nov. 3, 3:06 p.m. EST — The replacement costs owed by insurance companies to rebuild the World Trade Center complex will not have to spend an extra $700 million to improve the area destroyed after 9/11, according to a judge's ruling, which was reported by the Associated Press.
According to reporter Larry Neumeister, U.S. District Judge Harold Baer said the insurance companies will owe developer Larry Silverstein only what it would cost to rebuild the trade center as it was before the terrorist attack.
The article said that Silverstein wanted to add features such as an 18-inch increase in the height of each floor, nine new floors, and a 200-foot “blast wall” at the base of each tower.
“No American court has ever held that structural changes of the scale and cost that Silverstein envisions are included within `replacement cost.'” the judge wrote in his verdict.
Bud Perrone, a spokesman for Silverstein Properties, said in the article that the $4.6 billion payout should still be enough to meet Silverstein's obligations for the project.
Interested in more terrorism news and in-depth articles? Head over to Claims' terrorism channel for more information.
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