According to New Jersey newspaper The Record, a document indicated that the Port Authority of New York and New Jersey sold World Trade Center's naming rights in 1986. The document, which was a contract, was obtained by the newspaper under the Freedom of Information Act. Freedom of Information Act allows individuals to request a partial or full unreleased information controlled by the government.
In the contract, the public agency sold the rights to the nonprofit organization called World Trade Centers Association (WTCA) for a paltry USD10. Port Authority's use the World Trade Center (WTC) trademark had cost the government agency a hefty annual fee of USD10,000. Supporting documents also obtained by the New Jersey paper also showed that WTCA had also requested office space for use at the new World Trade Center site, which is now worth around USD585,000 in annual rent.
WTCA was established to facilitate international trade. The nonprofit headed by former Port Authority executive Guy Tozzoli also provides local support and network for its members. The Record also said that the nonprofit allows the use of its name on any building for an initial fee of USD200,000 plus membership fee of USD10,000.
The 1986 contract was inked in Tozzoli's time. Tozzoli died sometime this year.
Bill Baroni, current Port Authority deputy executive director, was alarmed with the recent disclosure. He said, "I am gravely concerned that a secret deal, years ago, sold the name of the World Trade Center for 10 bucks. And I'm going to look into the initial contract and look into where we are today with regard to this organization." Former Port Authority executive director Stephen Berger, who was in position at the time the contract was signed, was unavailable for comment. Associated Press left a message at Berger-chaired Odyssey Investment Partners, but the message was not returned on Sunday.
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