Islanders website: released details of financing agreement.
Islanders website: Forty six page document with all details.
Islanders website: Has Charles Wang's speech during press conference.
Video of press conference available on Islanders website.
Lengthy Q/A, but well worth time.
The team will release a website with complete details, upcoming events in the next few days. NYIFC will provide space for it.
Here is Nassau County pdf file an overview of project.
NYIFC Comments:
A lot to digest, but among highlights:
* Pre/during construction period the taxpayers would pay higher portion because of lower revenue in current arena. In other words through 2014-15.
* Post construction period min fourteen million for rent guaranteed to taxpayers, plus tax money generated at Coliseum the worst case scenario is 18m.
* Twenty six million is entire debt service, so total out there for the taxpayers is eight million assuming nothing is generated, so it's fifteen or sixteen dollars, not $ 58.00 that has been reported after a new building opens.
That assumes if no revenue comes in from other side of County on revenue sharing plan or worst case scenario.
* Any cost over-runs on Coliseum, Wang pays.
* Demolition of current Coliseum, Wang pays.
* Only thing not shared is Islanders cable contract revenue.
* Nassau Veterans Memorial Coliseum remains on the new building but could be re-negotiated/re-visited with veterans as it was during Lighthouse.
* The Islanders lease is binding (cannot leave) until 2045.
* Without revenue streams taxes will go up, if process fails.
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CONTACT:NYIFANCENTRAL@YAHOO.COM