Developer Silverstein Properties Inc. yesterday initiated arbitration proceedings with the Port Authority of New York and New Jersey to try to resolve the deadlock over the stalled redevelopment at the World Trade Center site.

The developer presented the authority with an arbitration notice that called for the dispute to be resolved by a three-member panel with hearings beginning in September. The dispute revolves around the developer's request for additional public assistance due to the Port Authority's failure to meet deadlines to ready the site for development of three towers, the credit crunch that has made financing the projects difficult, and the weak real estate market.

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