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Coliseum Redevelopment Vote Set for Aug. 1

Mangano signs bill for county-wide vote that Islanders owner calls “first step” in economic recovery.

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.

PitBull June 01, 2011 at 04:11 PM
STOP THE INSANITY VOTE NO
Robert Panzenbeck III June 01, 2011 at 04:13 PM
I can't believe this is even a question. Time and again taxpayers fall for the same tired rhetoric from rent seeking businessmen trying to get the government to finance their risk. Publicly funded stadium projects are always a net loser for taxpayers. Ask the people in Pittsburgh and Cleveland who were promised a renaissance that never materialized. Mangano is another in a long line of empty suits. It's no surprise that Wang is looking to cash in on his naivete.
PitBull June 01, 2011 at 04:22 PM
This Picture says a MILLION WORDS, we are going to screw the Taxpayers and they can't do a thing about it. We can, Rally the Chuckwagons and ride though the towns like Paul Revere spread the word VOTE NO AUG.1st
Several great points 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.
Daniel Garcia June 22, 2011 at 11:35 AM
I like the fact each NC household will pay an additional $50 per year to pay for this albatross. then according to the county executive the NC stands to make $14m. Here's what I don't like. 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.

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