The Port Authority report, which was ordered by New York Gov. David Paterson, said the major projects planned for the site will not be completed until 2013 at the earliest and will likely cost $1.5 billion more than previous projections of $16 billion, the New York Post reported Friday.

However, Port Authority officials said a plaza for the memorial of the Sept. 11, 2001, attacks that brought down the World Trade Center towers will be completed in time for the 10-year anniversary of the attacks.

"All of us understand that this really has to be one of the highest priorities. It is important for the city. It is also important for the country," New York Mayor Michael Bloomberg said after the report was released.