Ed Mangano's 4/11/2011 Statement On Nassau Coliseum Future

New York Islander Fan Central | 4/11/2011 08:59:00 PM | | | |


Long Island Business News: Ed Mangano gave his State of the County speech on 4/11 with comments on the future of the Nassau Coliseum/New York Islanders.

LIBN site had pdf file or each page listed individually, the content regarding the Islanders/Coliseum is on page eight.

As you know, I have not been shy about my plans to develop the area near Nassau Veterans Memorial Coliseum and Mitchel Field into a sports-entertainment destination center. For too long, Nassau Coliseum and the property that surrounds it has laid to waste rather than generate revenue for the County that can help hold the line on property taxes.

The aging Coliseum is no longer competitive with other sports complexes and conference centers around the region and nation.

Long Island's only professional sports team, the NY Islanders, have threatened to leave Nassau County in three years if a new Coliseum is not built. To construct a new Coliseum, an investment of nearly $400 million would be necessary. Several options have been explored to keep our Islanders and build a new Nassau Coliseum…

Option one was for a sustainable mixed use development which hasn't proven economically viable at this time.

Option two is a public-private inter-nation partnership with the Shinnecock Nation to develop a gaming casino on the land that surrounds the Nassau Coliseum. This project would include a hotel and conference center, a newly refurbished Nassau Coliseum and restaurants and stores.

Finally, option three is to ask homeowners via referendum whether they wish to fund the construction of a new Coliseum.

Regardless of your preference, we must all agree that the status quo is not the answer. It never is. A project of this magnitude would create thousands of jobs, generate hundreds of millions of dollars in tax revenue annually and would increase tourism in Nassau County. Best yet, it would help keep our New York Islanders here in Nassau County.

Over the coming months, I will seek public input on these options and work with community leaders to address any and all concerns. While I am excited about the opportunity of developing a sports-entertainment destination center in Nassau County, I am still focused on helping create and retain other jobs throughout all areas of the County.

NYIFC Comments:
Charles Wang is on record as saying the team will be here through the end of it's lease and is not for sale, he paid for rights to run the Coliseum through the end of the lease but there is an out in that clause.

Mr Wang outright owns the Marriott Hotel.

Only Mr Wang/Rechler know if both run the Coliseum via Smg amended agreement.

There is no MOU between Nassau County only with Charles Wang. Scott Rechler must be included, they were both approved as developers.

As for Mr Mangano's comments Monday, nothing new but clock is ticking louder.

It seems his final card is to dump it in the taxpayers laps via referendum, something that did not happen with Yankees/Mets taxpayer bonds, the Garden's forever tax exepmtions, the Prudential Center, Atlantic Yards or the new Meadowlands Stadium infrastructure.

Agreements got done behind closed doors, taxpayers had to pay for parts of what was agreed to.

Obviously all three alternatives have been mentioned in the past year or long before. It's easy for a New York Islander Fan not living in Nassau to write pay up for a new building but reality is the tax exepmtions/construction bonds or infrastructure all other local teams fans had to pay for to keep their teams.

Fans in Nassau County will now have to do likewise if it comes down to final alternative. That alternative does not guarantee Wang signing a new lease or revenue from a taxpayer funded facility.

I wrote in the last year it's time for Nassau County to pay up like other teams fans had to for their teams. If Kate Murray only wants her suburbia this is the position she has put folks in herself.

I have posted tons of articles on how every other local government had the taxpayers absorb the burden on construction/infrastructure or bonds/exemptions.

Reality is Charles Wang is not paying for a new building that he cannot make any money running plus give out massive front-loaded contracts for hockey players when teams in modern buildings with high ticket prices are bleeding red ink already.

Nothing new today but no doubt New York Islander fans have an interest. The State of the County address date has nothing to do with the conclusion of the New York Islanders season.
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