8/12/11

Jay Jacobs New 8/12 Vision For Coliseum Not Viable

New York Islander Fan Central | 8/12/2011 07:00:00 PM


Jay Jacobs clearly does not get it.

8/12/2011 was Ed Mangano's soft deadline for idea's announced on August 2nd, ironically it's also the six year anniversary of Tom Suozzi putting out his RFP 8/12/2005 for the Coliseum site.

Jay Jacobs had a new idea for the Nassau Coliseum on 8/12/11, one that is not going to be viable for Charles Wang or anyone.

Mr Jacobs makes me wonder if anyone understands what every other local team received to keep from moving from taxpayers/local governments?

Where was Jay Jacobs when last RFP was made on this property back on August 12th 2005, which at the time had to include a new Coliseum? Jacobs again advocated for any plan including a Coliseum just like 2005.

Outside of Wang-Rechler, only a few folks were interested in the 2005 RFP because the Coliseum had to be part of it.

In short, Jacobs latest folly is Charles Wang/Islander ownerships start paying Nassau for the land five years after a new Coliseum opens. Wang/Islander ownerships/private investor group, partly finance a new Coliseum themselves, then go to banks for rest of the financing.

Wang/Islander ownerships, own Coliseum, make all revenue. Nassau keeps the remaining acreage (55/77) to use as they see fit.

Jacobs also explains land is leased to Wang for $1 a year for parking until a full development plan is approved for other fifty-five acres. The full plan would include a 6,800-space, multistory garage for the Coliseum's exclusive use.

Mr Jacobs does not state who pays for a garage.

In short, Jacobs latest plan is one that would force every other local team to move beyond paying for the privilege of losing over a billion dollars.

Jacobs idea also does not take into account any situation where the financing would not make owning a team self-sustaining, as we see many NHL franchises in modern facilities losing big money.

Every other local team got a plan where the building is given bonds (or outright investment) from government, in some manner (Msg tax exemption) to be self-sustaining. The referendum would have given the tenant Wang/Islander future ownerships eighty nine percent of all revenue while Wang/Islander ownerships pay rent in a building Nassau would own and construct.

The plans in other places all included some forum of government help.

Not here, pay for it yourself, pay for the privilege.

Of course, if Mr Jacobs believes his plan makes real sense, let him get together a group of local investors which he should be a part of.

Mr Jacobs/investors can buy the New York Islanders from Charles Wang, then his group can finance their vision?

Mr Jacobs believes he built the Meadowlands, he can pay for a new Coliseum himself?



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