New York ( CNN ) -- The budgetary dispute that has delayed the opening of the National September 11 Memorial Museum has been resolved , according to New York City Mayor Michael Bloomberg and New York Gov . Andrew Cuomo . The museum was scheduled to open on the 11th anniversary of the September 11 , 2001 , terror attacks , but disagreements over funding , financing and oversight of the museum between the 9/11 Memorial and Museum Foundation and the Port Authority of New York and New Jersey have halted construction . The foundation controls the memorial and museum ; the Port Authority of New York and New Jersey owns the World Trade Center site . Late Monday , all parties entered into a `` memorandum of understanding , '' an agreement that allows them to restart construction on the stalled museum project . `` My goal during this period has been to get construction on the museum restarted , '' said Bloomberg , who is chairman of the 9/11 Memorial and Museum Foundation . `` This agreement ensures that it will be restarted very soon and will not stop until the museum is completed . '' 11 years after , who are the terrorists ? The point of contention , $ 300 million that the Port Authority of New York and New Jersey said it was owed by the 9/11 Memorial and Museum Foundation for additional design and construction costs , is being dropped in exchange for financial oversight of the museum and memorial , according to the memorandum . The 9/11 Memorial and Museum Foundation agreed to oversight from a committee composed of eight members : two appointed by the governor of New Jersey , two appointed by the governor of New York and four by the memorial board . The foundation has agreed to have no less than six months of operating funds on hand at all times once the museum opens , though it 's not clear if the foundation can meet this requirement because it is hard to say exactly how much money the museum will bring in , and the memorandum does not outline specific ramifications if the foundation is unable to meet these financial obligations . Revisiting the mosque at Ground Zero . The memorandum outlines a review of the project with the goal of determining the earliest possible opening date once construction resumes , though no date is set for the museum to open . All parties , according to the memorandum , will work toward opening individual sections of the museum as construction progress allows , which may mean a phased opening . This will allow the foundation to start collecting a $ 20 admission fee from visitors . Constructed underground in the former World Trade Center 's `` archaeological heart , '' the museum will feature 110,000 square feet of exhibition space , according to the website for the National September 11 Memorial & Museum foundation . It will house a vast array of 9/11 artifacts , including `` photographs , videotapes , voice messages , recovered property , clothing and other personal effects , workplace memorabilia , ( and ) incident-specific documents , '' among other items , according to the site . Located at the site of the former World Trade Center , the National September 11 Memorial has two huge , square fountains that mark the footprints of the World Trade Center towers that flow into granite reflecting pools at the center of the eight-acre , tree-lined plaza . Bronze plates surround the fountains and bear the names of the nearly 3,000 people killed in the 2001 attacks , as well as the six who were killed when a terrorist truck bomb exploded in the parking garage beneath the towers in 1993 . 9/11 responders wait for compensation for their illnesses . Sarah Lippman , a spokeswoman for the facility said the memorial , which opened September 12 , 2011 , has had 4.5 million visitors in its first year . `` Over the last few years , we have made extraordinary progress at ground zero and today 's agreement is yet another milestone in our work to finally complete the site as a place where people from around the world can come to work , visit and remember , '' said Cuomo , who along with New Jersey Gov . Chris Christie oversees the Port Authority of New York and New Jersey . `` I commend Gov , Christie , Mayor Bloomberg , and the leadership of the Port Authority and the September 11 Memorial & Museum for their work on today 's agreement . '' Share your stories and memories with cnn ireport . CNN 's Leigh Remizowski contributed to this report .
The museum and memorial are at the World Trade Center site . The memorial opened last year , but a budget dispute halted work on the museum . New York City 's mayor and the state 's governor say the dispute has been resolved . Mayor Bloomberg says work will resume soon `` and will not stop until the museum is completed ''