5/11/11

Full Details of Mangano's Coliseum Plan

New York Islander Fan Central | 5/11/2011 12:36:00 AM


ITV Will Have The Live Press Conference At 11am.

"I guess the most important thing is we haven't given up, We give it our all to try to get it done. We can't say we've succeeded yet, but we hope this one will work."

Asked about the New York Islanders' future if the referendum doesn't pass:
"I don't want to contemplate that right now."

-Charles Wang 5/10/2011

This is the bottom line broken down:

1-Nassau County wants voters to approve a referendum to borrow up to $400 million for a new arena that would keep the Islanders in New York through at least 2045 and also finance construction of a minor-league ballpark. The proposal would earmark $350 million for a new arena and $50 million for a minor-league ballpark at Mitchel Field.

2-A simple majority of the 19-member county legislature would first vote to decide whether to put the referendum on the ballot.

3-If the plan is approved by voters on August 1st, the legislature would vote again, requiring 13 votes to approve the bonding.

4-The Nassau Interim Finance Authority, which control of the county's finances, would have to approve any bonding agreement to fund the construction along with separately approving the related contracts.

5-If passed, the plan would officially replace the Lighthouse Project and shift a proposed Shinnecock Indian Nation casino from the Coliseum site to Belmont Park.

5A-As of now the Shinnecock's have made clear they have no MOU or agreement at Nassau or Belmont.

6-If passed, the county would begin a request for proposals process to bid out the construction, a project that could begin next spring and finish before the 2015-16 hockey season. Once completed, the Nassau Coliseum would be demolished.

7-The $400-million debt would be spread out over 30 years -- the same length as a new lease between the county and the Islanders. The debt would be paid through revenue sharing between Wang and the county to be determined.

8-The new arena would have 17,500 seats for hockey games and 20,000 for concerts.

9-Nothing is provided if Kate Murray's current development is officially scrapped or TOH approval must be given for all this to begin if all taxpayer referendum/Nassau approvals are given.

NYIFC will have commentary Wednesday after the press conference. The NY Times has the usual misinformation from Ken Belson that tells somewhat of a different story here.



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