>Port Authority Needs ‘Top-to-Bottom Overhaul,’ Audit Says
February 07, 2012, 5:56 PM EST
By Freeman Klopott
Feb. 7 (Bloomberg) — The Port Authority of New York and New Jersey, which is redeveloping the World Trade Center, needs a “top-to-bottom overhaul” because of poor management and a lack of cost controls, according to an interim audit released today by its board.
The cost of the World Trade Center project in Lower Manhattan has grown to $14.8 billion from about $11 billion estimated in 2008, the audit found. After third-party reimbursements, the net cost to the authority has climbed to $7.7 billion from $6 billion.