New York Gov. David Paterson issued an executive order Friday that clears the way for the state to issue the largest-ever recovery zone facility bond offering before the program's Dec. 31 expiration.
The order deemed RZFB allocations that were not expected to be used to have been waived back to the state. Paterson directed the Empire State Development Corp. to reallocate the capacity so it can be used for development at the World Trade Center site. The New York Liberty Development Corp., a subsidiary of the ESDC, plans to market $285 million of RZFBs on behalf of Silverstein Properties Inc. on Wednesday.