New York, NY —

Despite the current global financial turmoil, the Port Authority's Board of Commissioners went ahead today and approved several key contracts for the construction of the Freedom Tower.

WNYC's Bob Hennelly was there and has this report.

Fully 95 percent of the contracts needed to complete the $3 billion Freedom Tower have now been signed. Port Authority

Chairman Anthony Coscia said despite the current downturn, the agency's plans for the tower's 2.6 million square feet of office space remained viable.

COSCIA: This is an agency that for 80 plus years has been building through cycles and supporting the New York, New Jersey regional economy through good times and not so good. We built some of our most iconic structures frankly during the depression era

REPORTER: In two weeks, Port Authority Executive Director Chris Ward is slated to release a report ordered by Gov. David Paterson that will include an updated timeline and cost estimate for the entire Freedom Tower complex and transportation hub.

For WNYC I’m Bob Hennelly