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Updated: Wednesday, 08 Feb 2012, 10:10 AM EST
Published : Wednesday, 08 Feb 2012, 10:10 AM EST
By New York Post
NEW YORK - The cost of the World Trade Center ballooned by nearly $4 billion over the last four years -- a wild spending spree that went completely unchecked by the Port Authority of New York and New Jersey, according to a new audit.
The agency could not even show documentation for the huge increase in costs, according to the independent audit, which was released Tuesday.
The unprecedented 35 percent surge sends the total gross costs to $14.8 billion, a $3.8 billion jump from the 2008 forecast.
When the construction is complete, it is likely the Port Authority will have spent a whopping $7.7 billion of its own money on the effort -- a $1.7 billion hike.
The higher costs were the results of several factors, from the rush to finish the 9/11 Memorial in time for the 10-year anniversary to higher insurance costs, according to auditors.
The review was the first in a two-part, top-to-bottom accounting of the agency, ordered by New York governor Andrew Cuomo and New Jersey governor Chris Christie when they approved massive toll hikes.
Read more: http://www.nypost.com/p/news/local/pa_lets_wtc_costs_soar_vXNki1HPi6O4emJDBee1SN
