NEW YORK -- The World Trade Center developer and government agencies that control the site have reached a deal to resolve a 16-month stalemate over rebuilding at ground zero.

The agreement will allow four office towers to be built, although one will be delayed indefinitely because of the poor economy.

The arrangement was announced by the Port Authority of New York and New Jersey following a board meeting Thursday.

Construction is under way on 1 World Trade Center, a memorial and a transit hub, but other planned towers have been stalled in a financing dispute.

Mayor Michael Bloomberg and Gov. David Paterson have planned a late afternoon news conference to discuss the deal reached between developer Larry Silverstein and the Port Authority.