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Talks Over New York's World Trade Center Site Break Down

A dispute between the developer of New York City's World Trade Center site and New York state officials may delay the rebuilding on the site of the September 11, 2001 terrorist attacks.

Talks broke down late Tuesday night before a midnight deadline set by New York Governor George Pataki to resolve the situation.

Developer Larry Silverstein has been at odds with the Port Authority of New York and New Jersey, the site's owners, about the plans to rebuild the World Trade Center.

The project calls for the construction of five skyscrapers on the 16-acre site, including the so-called Freedom Tower, a 541-meter tall building that would symbolically replace the downed Twin Towers.

Both sides are said to be at odds over the financing for the project. Silverstein is also trying to renegotiate the lease he signed with the Port Authority six weeks before the attacks.

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