The fate of the Nassau Coliseum is in the hands of the voters.
Following an 11-7 vote by the Nassau Legislature, County Executive Ed Mangano signed a bill that calls for a county-wide vote on Aug. 1 to fund a $400 million sports and entertainment complex with a new coliseum as its focal point.
“This bill’s not just for Islanders, it’s for Long Islanders,” Mangano said signing the bill as New York Islanders owner Charles Wang sat next to him.
It’s “the first step of the catalyst that gets us going again,” Wang said of the Long Island economy.
The Legislature passed the measure along party lines with one exception: Legis. Dave Denenberg, D-Merrick, joined Republicans in favor of the measure.
Democrats have cited a lack of information as the reason for their opposition, while Republicans and trade unions support what they argue would generate thousands of jobs both pre- and post-construction and stimulate the Nassau economy.
The Legislature can still stop the vote by July 17, which is 15 days prior to the referendum.
In order to pay for the new arena, the county would have to borrow $400 million worth of bonds.
If approved by voters, the cost of the bonds would add between $48 and $58 in taxes to each home for 30 years.
Any borrowing would also have to be approved by NIFA, the state oversight board in charge of the county's finances, which has expressed concerns over the proposal.
The bonds would reportedly be repaid through revenue generated from the coliseum through food, ticket and merchandise sales.
Unfortunately this proposal is a political dung pile, perpetrated by people who have no concern for residents of Nassau County.
We need a convention center/arena to bring jobs and tax revenue. The final product should have the new arena busy most of the year with games, concerts, shows, conventions, etc. Steady work, not part-time work. Create a destination, not just a place you go once a year (for the average LIer) or less. The turn-out will be middling. How many active Islanders fans live in Nassau? The attendance to the games are from the boroughs and Suffolk plus opposing team fans. The fans had no impact whasoever in local elections in response to the Lighthouse debacle in ToH. If there is an organized effort to defeat the referendum, it can happen.
Mangano should have had the guts to support the project years ago. He has no guts, he's desperate. And t stimulate the local economy we need more than just a sports complex.
Republicans have -- over and over again -- proven to be IRRESPONSIBLE. Mangano is NO DIFFERENT. The correct answer is 'NO'.
(1) Nassau credit rating was just removed from watchlist negative by Moody's and the budget process has been ceased by NIFA. Adding more debt to the project is certainly not going to help it in the short-term and if the assumptions used in additional tax revenue proceeds appear to be inaccurate (which they usually are) this will not help out in the long-run either. (2) From the surface, the deal appears to be slam dung for Wang while Nassau residents are left 'holding the bag'. Wang gets all the equity (and all the upside) while Nassau gets all the debt and the risk. No professional investor would fund such a deal except politicians. Why can't the taxpayers get some warrants in the deal or some ownership? (3) We do not need a casino in Nassau County. Casinos are not the type of environment we want to bring into our family community. Notice, Suffolk County wanted no part of the Casino but of course Nassau jumped at the opportunity! (4) Wang's manage of the Islanders over the last few years has been a joke. The WSJ did a story on all of the terrible trades. This is who we are taking advice from? If you can't run a sports-team monopoly on Long Island which has over 1 million people, you can't run a business. Vote NO on Aug 1, your wallet will thank you!
Funds Needed : $400,000,000 Debt Service Reserve : $45,455,000 Cost of Issuance Financed : $9,091,000 Total Bonds Issued : $454,550,000 portion not finance-able : $9,091,000 Gross Monthly Payment : $3,524,121 Less Reserve Interest : $265,154 Net Monthly Payment : $3,258,967 You need 42 million/year to pay off this bond in 20 years. View link on the stats on the NY Islanders from Forbes.com: http://www.forbes.com/lists/2009/31/hockey-values-09_New-York-Islanders_312071.html Key takeaways: Revenue $62 mil Operating Inc. $-5.6 mil Player Expenses $40 mil Gate Receipts $22 mil (aka ticket sales) We need $42 million/yr, Islanders produce $22 million/ yr. Q.E.D
Mangano is another in a long line of empty suits. It's no surprise that Wang is looking to cash in on his naivete.
1. Long-term, creative solutions need to be implemented in the planning and financing the project 2 .Project needs a convention center and Tram spur from Hempstead to be viable 3. The right way to make the $ back is to drew $ for outside our tax base- i.e Roosevelt Field 4. Nassau politicians have to show citizens and future outside investors that we can get things done. Besides raise taxes.
1] The fact that once county begins raking in the [pie in the sky] cash windfall, each household will continue to pay the extra $50 per. Politicians always find a way to keep any monies they abscond 2] Islanders. Vote no in August.