The Port Authority of New York and New Jersey on Wednesday approved an agreement with developer Larry Silverstein to pay for the completion of the stalled 3 World Trade Center project.

The agency unanimously approved the agreement after months of negotiations.

Port Authority executive director Pat Foye said the deal won�t require the Port Authority to guarantee funds raised by Silverstein. Under a previous plan, the Port Authority would have guaranteed $1.2 billion in loans. Foye said Silverstein will raise the money from the private sector and no public sector money will guarantee the loans.

In a statement, Silverstein praised the deal and said it would allow him to kick-start construction and stay on target to complete the building by early 2018.

At last month�s board meeting, Foye said the improving economy and increased leasing activity in downtown Manhattan had been important factors in the parties nearing a deal that would involve more private-sector funding.

The issue had split the Port Authority in recent months. On Wednesday Port Authority board member Kenneth Lipper, a staunch critic of the earlier deal, called the new agreement �excellent� for the Port Authority.

Advertising company GroupM has agreed to lease about 515,000 square feet in the tower. The planned 80-story building is stalled at about seven stories.

(AP)