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NY Announces End to Impasse Over Rebuilding World Trade Center

The state of New York has approved a deal with a developer that ends an impasse over rebuilding of the World Trade Center site.

New York officials Wednesday announced the deal with developer Larry Silverstein.

Silverstein, who holds a 99-year lease to the World Trade Center site, had been at odds with the Port Authority of New York and New Jersey, which owns the land, over reconstruction plans and financing for the massive project.

Silverstein's lease was re-written so the Port Authority would have control of two out of the five towers that are to be built, including the symbolic 541-meter-tall Freedom Tower.

The original twin towers of the World Trade Center were destroyed in the September 11, 2001 terror attacks.

Some information for this report was provided by AP and Reuters.