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Question of the Day: New Arena Proposal

A daily feature on Five Towns Patch.

At a recent press conference held by Nassau County Executive Ed Mangano and New York Islanders owner Charles Wang, a new lease agreement was announced that would keep the Islanders in Nassau County until 2045, pending voter approval of a new arena.

Camoin Associates, an economic analysis company the county and team invited to the press event, said the agreement would generate $1.2 billion in tax revenue over the life of the lease.

The revenue will be used to pay off the $350 million in construction costs associated with the new arena and $433 million in debt service payments, while an estimated $403 million in profit would be returned to taxpayers.

What are your thoughts on the new lease agreement? Do you want a new arena in Nassau County?

C Felix Reardon July 01, 2011 at 01:54 PM
This isn't about a hockey team. This is about the land. There are two choices; 1) Develop the land now and as a bonus keep the Isles, and get political convetions, consumer eletronics conventions, concerts...etc... 2) Do not develop the land, lose the Isles, and let the land sit idle while not generating any revenue, and then have this debate all over again. Could the 2016 political conventions be held in the new building? Yes. Will they be held in the building that is there now? No. I don't see how anyone can vote 'no' since a 'no' vote means letting the land sit idle and going through this process all over again (and losing tax dollars while it just sits there)
Jeffrey Votteler July 01, 2011 at 02:13 PM
Tony S, You do realize that the Islanders + other Coliseum activities will be providing Nassau County either 11.5% of all revenues or $14 million dollars a year which ever is larger? So multiply 30 x $14 million = $420 million. Cost of arena is $350 million. The only time Nassau County resident will have to pay an increase is in the first two years while the Coliseum is under construction and that would be about $50/year. After the first two years, the projections show that revenue sharing should cover the entire cost, so taxpayers will see no new taxes. This also doesn't take into account that the $350 million dollars to build the arena will be pumped into the local economy and will provide probably 1,000 construction job that are badly needed locally. Also, Tony, you do realize that the Islanders + Coliseum provide Nassau County currently with revenues, etc. Plus they also probably employ hundreds of Nassau County residents. Plus support all the local businesses and restaurants that surround the area. What's going to happen when the Islanders leave? Your taxes will go up, due to lost revenues, local school districts taxes will go up because property taxes won't be collected. Local businesses will shut down because who would want to go to that area anyway. Jobs will be lost, etc. You have to look at both sides of the story.
Rob C July 01, 2011 at 02:59 PM
It's amazing how ill informed some of you are. OH NO! My taxes are going to go up $60 per year! That $60 is if they build the arena and NO ONE EVER SHOWS UP! The first hot dog someone buys... that starts the payoff process. 11.5 cents from every dollar generated goes to paying off the arena. And for those of you who aren't completely retarded, that's 11.5 cents of GROSS REVENUE! Not profit. If you don't know the difference between revenue and profit then you shouldn't be allowed to vote. Let's just say that the worst case did happen and you were on the hook for $60 per year. That is NOTHING compared to what would happen if the Islanders leave and the Coliseum is boarded up. If the Islanders leave in 2015, the Coliseum will no longer be in operation. The county will not re-new the lease without a main tenant (the islanders). So that's 41 hockey games, concerts, shows, conventions, circus... everything GONE. And what happens then? Nassau county will lose MILLIONS every year in revenue generated by the Coliseum. And guess what happens as a result of that?... YOUR TAXES INCREASE!! And they increase by a lot more than $60 per year. Nassau has to make up that lost revenue somehow. Bottom line... if this gets voted down, the Islanders leave. When the Islanders leave, the coliseum shuts down for good. When the coliseum shuts down for good, enjoy your yearly tax increase. So have fun voting no on 8/1. Just know that voting no WILL hit you in the wallet big time.
Thomas Heiser July 01, 2011 at 11:46 PM
Isles fans are more informed about this deal then anyone one in the media that is for sure. They care and because they care they read, research, and listen. There is no evidence of any of the negative comments posted by the same trolls on Newsday and other sites. They all just post generic talking points that could be made for any state of affairs. When I hear pols make sound bite promises that work on 25 year olds I chuckle and move on. I think to myself put that in writing. Managno did and if you can read you can see that this is a fair deal for all involved.
antzawol July 12, 2011 at 02:11 PM
I can't quite calculate my return on my taxpayer investment in the whole coliseum deal. Can someone help me? Hotel & restaurant owners, concession owners, parking lot owners, team owners, etc. have calculated their return on my investment...

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