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Nassau Comptroller Pushes For Redevelopment Plan

Nassau Comptroller George Maragos said new Islanders arena would create jobs and stimulate the economy.

Nassau Comptroller George Maragos sounded at times part watchdog and at others head cheerleader as he weighed in Thursday on the proposed deal to build a new arena and keep the New York Islanders playing hockey on Long Island.

Maragos outlined four areas that needed to be addressed in negotiations between Nassau County and Islanders owner Charles Wang to build a $350 million facility to replace the aged Nassau Coliseum.

“Our objective is that this should not cost the taxpayer anything,’’ Maragos said. “There should be sufficient revenue to pay for any borrowing the county does in order to fund the development of the site.”

The arena is just one aspect of a 77-acre multifaceted redevelopment plan. While Maragos called the renewal of the Nassau Hub vital to the economic future of the county, he outlined four steps that need to be taken before he’d sign off on a deal. According to Maragos:

  • The tenant’s credit quality in order to pay the minimum rent and any cost overruns needs to be defined.
  • The Islanders’ formal commitment to stay in Nassau County for 30 years past 2015 has yet to be renewed.
  • The county should retain the development rights to the 77 acres surrounding the Coliseum.
  • The assignment and sublease terms in the lease agreement currently appear to favor the tenant and not the county.

“The redevelopment of the Nassau County Hub and the Coliseum are critically important to Nassau County,” Maragos said. “The Coliseum currently supports hundreds of jobs and the redevelopment will create thousands of construction and permanent jobs as well as expand the sales tax base of the county.”

The massive project still needs a public vote as well as approval by the county legislature, NIFA and the comptroller for it to move forward. Maragos, for one, wants to see this project move ahead. But not to the detriment of the taxpayer. His greatest concern is the credit worthiness of the tenant.

“We would expect, for example, Wang to be the co-signature,” Maragos said. “It’s a term that we’ve asked in order for the county to feel assured that the payment commitments will be made.”

County Executive Ed Mangano recently shared a revised proposal with the comptroller that addressed some of these issues. And with 12 days remaining before the Aug. 1 referendum, Maragos said he’s optimistic a deal will be reached.

“If these terms are satisfactorily resolved to the benefit of the county,” Maragos said,  “then, yes, I would say it would be a good deal.”

Daniel Garcia July 25, 2011 at 06:18 PM
LI4L: Understand the emotions and correlation. I saw the same acts at the Forum, after a while everyone & the Lakers moved to Staple's Center. All most are asking for is a thoroughly sussed out plan with numbers, some time to study and a vote in November. Why is that unreasonable?
Mac July 25, 2011 at 06:33 PM
Daniel in a perfect world it isnt unreasonable at all. I am voting yes and I also share the concerns because I would be more comfortable with a complete document. Unfortunately this is the hand we are being dealt. the NO vote wins and th eIslanders leave there is NO turning back. Could they go back to the drawing board...maybe. But , it would be the fourth time. It should be clerar to Wang that the future isnt here after all of this. Anyone forcasting bankruptcy for the Islanders is really looking way too hard to what can happen. Any property the county leases or rents could go under and the county be left holding thebag. If the politiicans were honest even a little we wouldnt be having this discussion.
dooleyman July 25, 2011 at 08:43 PM
The DOOLEYMAN IS VOTING NO
dooleyman July 25, 2011 at 08:46 PM
THE DOOLEYMAN HAS BEEN OUT SPREADING THE WORD THAT A NO VOTE IS IN THE BEST INTEREST OF NASSAU COUNTY VOTERS THE DOOLEYMAN HAS HAD GREAT SUCCESS IN DOING SO MANY PEOPLE DO NOT KNOW THE FACTS ONCE EDUCATED ABOUT 90 % SAY THEY ARE VOTING NO THE DOOLEYMAN IS QUITE HAPPY ABOUT IT
Daniel Garcia July 26, 2011 at 01:04 PM
DOOLEY noted!
Daniel Garcia July 26, 2011 at 01:14 PM
Great job. If we all do what needs to be done, maybe we can convince the administration to go back to the drawing board and come back with a cohesive proposal. Albeit still in negotiaitons, yesterday they began to include a "ball park" in their pitch. This morning they've added an indoor track. All this to be more inclusive and inviting to anyone who is just beginnning to educate themselves on this issue.
After visiting your site, I'm more determined to vote YES! the 35 others who visited the last 3 days may also be cemented to the YES after reading.... Thanks Richard.
dooleyman July 27, 2011 at 10:27 AM
dooleyman poll the no votes are now at 64% The Naysayers are saying NO some reasons given for voting no by those polled : more tax no way do not trust wang or mangano SPECIAL ELECTION???? it is too risky too many unanswered questions wang will walk away leaving us with a large debt wang is a loser he can't even run his team wang is not honest some reasons for voting yes: i love hockey maybe we can get back a basketball team perhaps i can get one of the jobs mangano knows what he is doing i like wang PLEASE VOTE IT IS THE ONLY WAY TO BE HEARD
Who's doing your polling Drooleyman? Monday it was 90% for the no vote? (scroll up 2 comments to view) 4:46pm on Monday, July 25, 2011 THE DOOLEYMAN HAS BEEN OUT SPREADING THE WORD THAT A NO VOTE IS IN THE BEST INTEREST OF NASSAU COUNTY VOTERS THE DOOLEYMAN HAS HAD GREAT SUCCESS IN DOING SO MANY PEOPLE DO NOT KNOW THE FACTS ONCE EDUCATED ABOUT 90 % SAY THEY ARE VOTING NO
dooleyman July 27, 2011 at 04:11 PM
THE DOOLEYMAN IS OUT DOING HIS OWN POLLING TODAY WITH 167 PEOPLE QUESTIONED IN BELLMORE ,FREEPORT ,MERRICK AND WANTAGH RESULTS 95 NO 55 % 75 YES 45% CLOSER THAN PREVIOUS DAYS MORE POLLING TO BE DONE LATER TODAY SOME PEOPLE SAY THEY WERE INFLUENCED BY MIKE FRANCESA ON THE FAN
dooleyman July 27, 2011 at 04:16 PM
DOOLEYMAN IS VOTING NO HOWEVER THE DOOLEYMAN POLL IS FAIR AND UNBIASED THE DOOLEYMAN DOES NOT TRY TO INFLUENCE ANY ONE HE QUESTIONS
Bill Alderman July 27, 2011 at 05:00 PM
Anyone who is not 100% sure where to vote on Aug 1 should call their Legislator’s or Councilperson’s office!!!!! I regularly vote at the Barnum Woods Elementary School and when I called Norma Gonsalves’ office and the super helpful person there said, ” that I should vote where I normally vote UNLESS notified differently by mail “ and I have received no notice of any kind . She then triple checked the location for me and told me to still go to Barnum Woods Elementary School on Monday Aug 1st. So I would call today or tomorrow if you are not 100% sure where to go on Aug 1.
Egads man, You're a walking CONTRADICTION: here's another of your posts from Monday. Easy to spot- they're always in CAPS dooleyman 4:46pm on Monday, July 25, 2011 THE DOOLEYMAN HAS BEEN OUT SPREADING THE WORD THAT A NO VOTE IS IN THE BEST INTEREST OF NASSAU COUNTY VOTERS THE DOOLEYMAN HAS HAD GREAT SUCCESS IN DOING SO MANY PEOPLE DO NOT KNOW THE FACTS ONCE EDUCATED ABOUT 90 % SAY THEY ARE VOTING NO Sure you're not a congressman?
dooleyman 4:46pm on Monday, July 25, 2011 THE DOOLEYMAN HAS BEEN OUT SPREADING THE WORD THAT A NO VOTE IS IN THE BEST INTEREST OF NASSAU COUNTY VOTERS THE DOOLEYMAN HAS HAD GREAT SUCCESS IN DOING SO MANY PEOPLE DO NOT KNOW THE FACTS ONCE EDUCATED ABOUT 90 % SAY THEY ARE VOTING NO THE DOOLEYMAN IS QUITE HAPPY ABOUT IT
dooleyman July 27, 2011 at 05:54 PM
THE DOOLEYMAN IS GOING OUT SOON HICKSVILLE AND LEVITTOWN THE DOOLEYMAN JUST ASKS FOR OPINIONS AND DOES NOT TRY AND CONVINCE ANYONE ON MONDAY DOOLEYMAN WAS EXPLAINING AND TRYING TO CONVINCE NOW THE DOOLEYMAN IS JUST TAKING A POLL NO LONGER DOES THE DOOLEYMAN TELL ANYONE THAT HE IS VOTINGH NO
dooleyman July 27, 2011 at 05:57 PM
DREW ART GUY BEFORE YOU VOTE PLEASE JUST STUDY THE DEAL AND YOU WILL REALIZE THE ECONOMICS OF THE DEAL ARE VERY RISKY
Bill Sweeney July 27, 2011 at 08:12 PM
THE SWEENEYMAN IS VOTING YES. THE SWEENEYMAN POLLED THE SWEENEYMAN AND 100% OF THE POLL CAME BACK YES.
Drooleyman, Your trifling polls, all CAPS comments, absence of vision, along with a questionable grasp of contemporary economics; particularly in regard to the business of 2011 sports & entertainment, have rendered/exposed you (and your opinion) worthless. By all means please keep posting. Your the best advertising the YES camp has.
You're (not your, sorry) the best advertising.....
dooleyman July 27, 2011 at 09:29 PM
Hi Drew Art Guy Dooleyman is now typing in lower case. It is not necessary for you to resort to name calling. If you had any training in the field of business and finance you would realize that this deal is a no brainer. It is an unsound financial plan. If you read the Camoin report and study the numbers you would see the risky plan it is. If you are not aware of the fact our County is already in debt. The interest we pay annually on our debt is overwhelming. To gamble the future of our county and go into more debt is an unsound decision. Have you personally analyzed this deal and prepared a cash flow analysis, p & l statements and return on investment statements. THE DOOLEYMAN has. THE Dooleyman has spent over 40 years doing plant investments, airport financing,and building stadiums in 3 countries. ONE THING IS SURE, A BAD DEAL IS A BAD DEAL. Mr. Wang wants a sweetheart lease, which will become his most valuable asset, and cash in after two years and we will pay and pay for 28 more. vote no
dooleyman July 27, 2011 at 09:33 PM
hicksville and levittown poll pretty close 87 people polled voting yes 40 46 % voting no 47 54 %
MerrickGuy July 27, 2011 at 09:38 PM
Dooleyman is right on the money; the economics are just not there. I don't care what report Mangano is running around town with. Anyone with a bachelors degree in finance or accounting sees right through this deal. This deal would never fly in westchester; not enough financial people living in Nassau.
dooleyman July 27, 2011 at 09:44 PM
Merrick Guy people are not voting on the issue as a financial deal. they do not want to lose a team and have no idea of the ramifications.
dooleyman July 27, 2011 at 10:23 PM
Before voting look into this website www.governmentgonewild.org NO MORE DEBT
MerrickGuy July 28, 2011 at 01:36 PM
So I've been asking around and the vote appears to go as follows (based on conjecture) Under 30: Voting Yes Over 50: Voting No 30-50: If Union or Republican, voting yes. If Democrat or Conservative, voting no. This one is really up in the air.
dooleyman July 28, 2011 at 01:50 PM
Please read article by Karen Rubin dated 7/26/11 in the Long Island Populist Examiner You will then understand the reasoning to VOTE NO
dooleyman July 28, 2011 at 01:57 PM
Mr. Mac and Mr. Drew Art Guy have you run out of names to call those who are Voting No ? Please read the article by Karen Rubin. the country is unable to handle debt . the county has enough debt and should not go further into debt for the benefit of one person. Just study the deal and watch out for the person who will benefit at your expense
dooleyman July 28, 2011 at 01:59 PM
This should not be a political issue. This is a financial decision and should be considered as such. A no vote is the financially sound decision.
dooleyman July 28, 2011 at 02:18 PM
family / county /or country finances are all the same it is simple if you are in debt cut your spending do not go into more debt VOTE NO
Drooleyman, Your trifling polls, all CAPS comments, absence of vision, along with a questionable grasp of contemporary economics; particularly in regard to the business of 2011 sports & entertainment, have rendered/exposed you (and your opinion) worthless. By all means please keep posting. You're the best advertising the YES camp has!

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