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$500 Million For 9/11 Memorial

New York City Mayor Michael Bloomberg said he and the governors of New York and New Jersey had agreed to spend no more than $500 million on the World Trade Center memorial, named "Reflecting Absence". The struggle to raise money for the memorial for the nearly 3,000 who died in the Sept. 11 air attacks, as well as arguments over its design, security and how much of the 16-acre site where the World Trade Center stood should be preserved, have also caused delays in the effort.

Various relatives of the victims have also clashed over the project. According to the report, Mayor Bloomberg said other memorials have been built for much less, citing several examples including Washington, D.C.`s new World War II memorial and the Oklahoma City memorial. Bloomberg said that he and Republican New York Gov. George Pataki had agreed that the agreed upon sum was an "appropriate" amount, with New Jersey`s Democratic Gov. Jon Corzine concurring.

The winning memorial design includes reflecting pools and stands of trees, but its cost has risen sharply, partly due to outside factors, including soaring construction costs. Bloomberg says the memorial`s foundation has raised $100 million to $125 million, while the Port Authority of New York and New Jersey has committed $100 million and the Lower Manhattan Development Corp will provide $250 million.