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?

Tony S June 30, 2011 at 08:25 AM
My friends, neighbors and I all will be voting NO on August 1st. We already pay the highest property taxes in the US why would we want to have them go up an additional $60-$100 dollars a year for 30 years just so a billionaire can have a nice new hockey arena for his team to play in?? It'll end up costing the taxpayers of Nassau dearly if they don't make the effort to vote No on this proposal. If it does get approved you will not only see your taxes rise but the cost to attend any future events at the Coliseum will end up costing you a tons more. In this tough economy that's money many Nassau residents do not have nor can they afford. If Wang wants a new arena so badly then lease him the land so he can build a new Coliseum himself. Nassau will be happy to collect rent and sales taxes from him but don't ask us to subsidize a new facility for this billionaire. Vote No August 1.
Steve June 30, 2011 at 08:49 PM
I think you should re-examine this before you vote no. first of all $60 is WORST case scenario. That estimate was taken with absolutely nothing coming in from the other end. In fact, that number is and will be impossible to reach. The actual figure is between $14-$20. You probably spend more on coffee in 3 days than you will on this that will CREATE over 3k jobs. You know, what do you care? You want immediate gratification..who cares about the future. Who cares about job creation. People expect the government to hand them EVERYTHING on a silver platter. Do you know WHY Americans have no universal healthcare...BECAUSE THEY DON'T WANT TO PAY FOR IT! How do you think the rest of the world pays for their healthcare? They PAY it in higher taxes. The US has the lowest tax in the western world. Wang has bought a franchise..like McDonalds, Ford Dealership etc, but this is an entertainment and sport venue. He is parting with millions of his own money to do this. He is meeting LI locals half way. With the money the municipality makes, it can be turned into parks, community centers, school, other after hours sports programs. Keeping kids busy and off the streets, but maybe you don't have kids...maybe that's why you aren't thinking about the future. The whole idea is to build a community, but you are going against the grain because you can't cough up a few extra bucks a month for the long term. pity you can't see that. have fun being a grumpy old man.
Tony S July 01, 2011 at 02:55 AM
The numbers that have been tossed around aren't based in reality but are merely wishful projections of what they HOPE will happen. The Islanders have one of the gates in hockey and that's not going to increase with a new Arena and higher ticket prices.Tax payers of Nassau are paying the highest taxes in the nation and our county still can't balance a budget, there is NO WAY we trust Ed Mangano. He ran on the promise that he had a "plan" to fix Nassau's budget woes. He's been in office 2 years and his promise was BS. NIFA has had to step in to oversee operations. We should not and WILL NOT subsidize Mr. Wang's "francise" . Mr. Wang made a choice to buy the Islanders, no one forced him into it and if he wants to toss around his money he can do so.. he's a billionaire. Just don't ask me and the hard working tax paying people of Nassau to subsidize his sports venture. Every individual I've talked with will be out VOTING NO on AUGUST 1st.
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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