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The press conference is over, aside from Kate Murray drawing boos, and that she will continue her zoning for property that will fit within this project very little was brought forward that was not detailed in previous blog entry.
The crowd was chanting build it now, the chants were not " Let's go Islanders. "
Whether a public vote passes or not, Ed Mangano failed the past, present and future of the New York Islanders today.
He took the easy way out when he could have said this is what I'm submitting for legislative approval today. He did talk a lot how this project would pay for itself.
That picture (above) is of Ed Mangano with the Yankees Championship Trophy in Nassau County last April after NYC taxpayer construction bonds financed, then later refinanced a New Yankee Stadium where no Bronx resident was put in a position via referendum to approve a convicted felon's private neighborhood inside a new baseball stadium because he decided he had to make more money.
Why? Because it would have been overwhelmingly been rejected by the public as Mike Bloomberg was closing firehouses or cutting city services the next day.
Mr Mangano's administration was also involved in an event only a few days ago at Citifield where again taxpayer bonds helped finance construction of a completely unnecessary shrine to the Brooklyn Dodgers here that was all done behind closed doors with no vote from the taxpayers.
Why? Again because it would have been overwhelmingly been rejected by the public, although granted a major renovation needed to be done on Shea Stadium that happened at Anaheim and Kansas City seamlessly.
Instead Ed Mangano took the easy way out, he did not stand up and say Nassau County is never losing the New York Islanders and that this historic franchise is a public trust, the same way NYC/NJ government officials never gave the voters any choice in what was decided because their teams were too important.
That was what Mr Mangano needed to do, with no public referendum, only an announcement of what Nassau is doing with his future riding on it.
Pass or fail, it was a terrible day for the fans of the New York Islanders.
That baseball stadium is the one thing Nassau politicians are always enthusiastic about.
Tying the New York Islanders future to a public referendum is far worse than the Lighthouse project in countless ways. If all is approved tax-free bonds will pay for a new arena and a minor league baseball park.
You can bet the cost for a new arena will go well beyond 350 million and that's more of a starting point.
Bottom line, Ed Mangano left the New York Islanders future in the taxpayer hands via referendum and that is frankly pathetic because no one else went that way when it was time to get something done. He also made it very easy on Kate Murray as well after the New York Islanders had two men ready to finance 3.7 billion for a project where no taxpayer was forced to pay anything.
Sure it can pass/sneak through via public vote 8/1, between unions/politicians it likely has been setup to go as such, however that's not the point.
Mangano did not do what NYC did for the Yankees and Mets when the taxpayers were forced to accept long-term construction bonds for two unnecessary new ballparks drawing seven million people.
Mangano did not do what former Mayor, Ed Koch did, forcing the taxpayers to give Msg tax exepmtions for life in 1981 to keep Msg ownership from moving it's teams to the Meadowlands/Nassau County, exepmtions that Cablevision refuse to surrender to this day even if it means they remain where they are.
Enough articles have been posted at NYIFC detailing all of these agreements and how they were financed.
Mr Mangano also did not do what Newark did to make sure the Devils relocated there or what the Red Bulls received for a new soccer stadium, nor did he give what New Jersey gave to construct the 1976 Giants Stadium (still being paid off via bonds despite being demolished) or the new Meadowlands Stadium that included massive infrastructure or even what the Nets will receive from taxpayers in moving to Brooklyn.
Instead Mr Mangano is leaving the Nassau taxpayers to make the call, something not one local government did in any of these projects because he would not make it himself.
Charles Wang for his part received a lot of heart-felt applause on Wednesday and was enthusiastic, as he usually is. He will will turn 67 in August, unless he plans on being around like William Davidson, who won championships for Pistons and Lightning in same year, then sold at a late age the future beyond his time as owner must be asked.
Wang was only talking about floating a bond around 2002/03 for a new Coliseum.
No explanation was given regarding Smg's future (they reportedly had rights or operational control over what was built after 2015) or who will operate a new facility if approved or how a new Coliseum becomes self-sustaining for Wang or any future owner given the Lighthouse was necessary to make the Islanders self-sustaining?
This goes beyond Charles Wang, who has done all he could (with Scott Rechler) to take the taxpayers off the hook. He will own the Marriott and his property regardless how this plays out around the Coliseum. He will not be developing a New Coliseum himself this time if approved or making presentations.
The name Scott Rechler was not mentioned at the podium and that's a shame because his skill/financing and reputation with RXR is something badly needed here.
I do not believe voter rejection is the final word for the franchise if it fails to pass in August. Mr Wang will continue to own the hotel, he has a cable contract until 2030 so he cannot simply start somewhere else or keep operating a hotel with no Coliseum next to it.
Pass or fail in a public referendum come August, Ed Mangano failed the New York Islanders past, present and future today. He needed to take this directly to Nassau legislation for approvals and announce an agreement was completed.
He needed to show leadership.
Instead he dumped it on the taxpayers in horrible economic circumstances.
The easy way out.
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