The Port Authority of New York and New Jersey on Thursday approved a financing agreement on World Trade Center development that clears the way for the refunding of $2.59 billion of escrowed Liberty bonds next month.

The agreement with developer Silverstein Properties Inc. provides significant public support — including a five-year interest subsidy paid by the authority — for the development of two commercial towers at the site. The bi-state agency owns the property, which is leased by Silverstein.

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