November 26th - December 2nd, 2004
State Launches Downtown Ad Campaign
Monday, November 29: The New York Empire State Development Corporation announced that it will launch a $4.9 million television advertising campaign promoting downtown as a prime business location, Crain's New York Business reported.
The campaign will emphasize the rebuilding progress of Lower Manhattan since September 11, 2001, through 30- and 60-second advertisements on cable business channels, including Bloomberg and CNBC. Ads will also appear on broadcast television stations in eight of the top U.S. markets, including Los Angeles, Chicago, and Atlanta, Crain's reported.
The campaign's first phase launched on November 29 and will last through December 19. A second phase will last from January 3 through 23, the paper added.
WTC Memorial Foundation Members Selected
Wednesday, December 1: A diverse group of more than 30 distinguished members was appointed to serve as the board of directors for the World Trade Center Memorial Foundation. The group, which includes corporate executives, victims' family members, civic leaders, and philanthropists, will work together to raise about $500 million for the construction of the memorial and cultural center on the site. For complete coverage, please click here.
Jury Continues Deliberation in WTC Insurance Trial
Wednesday, December 1: More than two weeks after closing statements were issued in the lawsuit between World Trade Center leaseholder Larry Silverstein and nine insurers, the jury has yet to deliver its verdict, Dow Jones reported.
While the jury continues to deliberate, it issued several notes to the court requesting a copy of the judge's clarification of the word "attack" during the trial, as well as transcripts of several testimonies, including those of Tokio Marine underwriter Steve Rattigan and the TIG Insurance underwriter Barbara Groves, Dow Jones said.
Throughout the lawsuit, Silverstein's attorney has argued that the 9/11 attacks consisted of two separate incidents, thus entitling him to receive two separate insurance payouts. But lawyers for the defense contend that Silverstein is entitled to only one payment because, according to language in the contract between the two sides, the event constituted a single incident.
If the jury rules in his favor, Silverstein stands to collect a double insurance payout from each insurer involved in the trial -- totaling an additional $1.1 billion, Dow Jones noted.
Earlier this year, a separate jury ruled that the collapse of the Twin Towers was a single event based on language outlined in the contract between the two sides, limiting Silverstein's insurance payout to a single payment of $3.5 billion.
New York Waterway Suspends Service on Three Routes
Wednesday, December 1: According to a published report, ferry operator New York Waterway is expected to shut down three of its ferry routes serving Lower Manhattan, the Associated Press reported.
While New York Waterway President Arthur Imperatore Jr. declined to confirm the cuts, saying that its ferry passengers have not yet been notified, he did announce that the company expects to deplete all of its operating funds before January, the AP said.
According to the Record of Bergen County, New York Waterway ferries that run between Newport in Jersey City to Pier 11 in Manhattan will be cancelled as of Friday, December 3. Ferry service from New Jersey Transit's Hoboken terminal and Port Liberte in Jersey City to Pier 11 are expected to cease on December 31, AP said.
The country's largest privately-owned ferry service, New York Waterway increased ferry service to replace the PATH train to Lower Manhattan, which was closed after the 9/11 attacks. Since the reopening of the World Trade Center PATH station last December, the ferry operator has witnessed a dramatic drop in ridership.
Port Authority Extends Airport Lease
Monday, November 29: The Port Authority of New York and New Jersey announced that it will extend its lease on LaGuardia and Kennedy airports by an additional 50 years, the Associated Press reported.
The City of New York, which owns the land where the airports are located, will receive $93.5 million a year from the Port Authority, a significant increase from the $3.5 million a year that the Authority had been paying to manage the airports, the AP said.
The deal also grants the city greater authority in managing the airports by allowing it joint oversight of the airports by means of an eight-member airport board. Both the city and Port Authority will appoint four board members each, AP explained.
As part of the airport extension agreement, the Port Authority will also fund a $60 million study that will determine how to create a direct rail link between Kennedy Airport and Lower Manhattan, as well as a $30 million study of how to extend the PATH commuter train to New Jersey's Newark International Airport, the AP added.