New York Gov. Andrew Cuomo says $1.6 billion in funding has been approved to ensure completion of one of the skyscrapers at the rebuilt World Trade Center site.

The New York Liberty Development Corporation approved Liberty and Recovery Zone Bonds for construction and development of 3 World Trade Center on Monday.

Director Kenneth Adams calls it a “major milestone” for the lower Manhattan site. He says Tower 3 is a crucial component for revitalizing the area.

The 80-story tower is scheduled for completion in 2018. It will include 58 office floors with about 2.5 million square feet of office space.

Project developer World Trade Center LLC is an affiliate of Silverstein Properties.

Two of the four World Trade Center buildings have been completed. The Port Authority of New York and New Jersey owns the 16-acre site.

(AP)