NY voters to decide on plan for new hockey arena (Islanders); UPD referendum defeated

Discussion in 'Fugu's Business of Hockey Forum' started by Brodie, May 10, 2011.

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  1. Brodie

    Brodie Marxist-Harbaughist

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  2. Rink Rage

    Rink Rage Registered User

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    It looks like the Islanders are safe! :partytime:

    I think it's time to close this thread now.
     
  3. Brodie

    Brodie Marxist-Harbaughist

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    there's still a lot of hoops to jump through for the Isles... no guarantees on a public referendum.
     
  4. KevFu

    KevFu Registered User

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    Botta summed it up nicely: This vote takes the blood off everyone's hands.

    On a Yes vote:
    Wang claims victory and doesn't have to foot the entire bill himself.
    Nassau County: "this is what you want."
    TOH: fought the Lighthouse, built what the people wanted.

    On a No vote:
    Wang says: "You didn't want the Islanders" and can sell to relocate
    Nassau/TOH says: "THE PEOPLE, not the politicians, let the Islanders leave."
     
  5. Brodie

    Brodie Marxist-Harbaughist

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    With Peltz out there, I wouldn't be worried on the Island.
     
  6. thenextone

    thenextone Registered User

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    Hempstead is sort of a dump, but the area around the current rink is surrounded by residential property and a local university. I think those interest groups don't want too much development in the immediate area, let alone a casino.
     
  7. Renbarg

    Renbarg Registered User

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    Its ridiculous that NC has to sell bonds in order to raise money when they had a private developer willing to spend his own money upgrading county property. I guess bonds are bonds but it should have never come down to that.
     
  8. KevFu

    KevFu Registered User

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    My pessimistic friend thinks that the casino deal will go to Belmont and the Islanders arena will be voted down and the politicians will be playing Wang for a fool (again).
     
  9. Hugh Mann*

    Hugh Mann* Guest

    I hope the Islanders stay put, but it'd be much worse to have the public on the hook for a $400 million dollar bond. Then again, if working people on Long Island are stupid enough to vote in a giant subsidy for a wealthy corporation instead of better schools or hospitals, I suppose they get what they deserve.
     
  10. IceAce

    IceAce Strait Trippin'

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    As I said in our forum, there are a ton of different ways to pay back muni-bonds other than passing the cost on to the residents of the area.

    I would expect, assuming Mangano and Wang aren't totally insane, that a large part of the cost will be covered by the arena/stadium revenues, and other sources that don't directly tax residents of Nassau County like hotel taxes.
     
  11. Brodie

    Brodie Marxist-Harbaughist

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    I imagine it will be the same as the Mets situation: the county sells the bonds, but the Isles pay them back with interest.
     
  12. Twine Seeking Missle

    Twine Seeking Missle Go monkey go!!!

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    A public referendum in Nassau county will never pass. I don't care what anyone says. Nassau is one of the highest taxed counties in the entire country. I would bet even a 5 cent raise in taxes wouldn't pass. That's how bad it is around here. And I would know since I live here. I know how the voting public is around here. This will never pass. It won't even come close to passing... no matter how the bonds are paid back. It could make all the sense in the world. All people around here need to hear is "tax increase" and it's an automatic NO.
     
  13. MayDay

    MayDay Registered User

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    Aren't you jumping the gun a bit?

    Doesn't everything still hinge on a referendum this summer?
     
  14. periferal

    periferal Registered User

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    I just listened to the press conference. If what they say is true, the entire project will pay for itself from the revenue streams of the new arena, new ball park, and whatever else they develop.

    If Mangano/Murray are truly protecting their citizens and this is a "not one taxpayer dime" project as Mangano said, then this is a no-lose sitaution...Which is probably why Long Islanders will votee against it.
     
  15. danishh

    danishh Registered User

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    Nassauans will vote against it because practically every project of this scale goes overbudget and revenues are usually overestimated. Nassau is already one of the highest taxed counties in america, and gambling that the people running this project can meet their projections may be too much to swallow for most of the voters.

    ToH really screwed this whole thing up. The isles and NC need a new arena. The NHL needs a healthy isles franchise. ToH's ******** may very well cost the league this team within the next decade, and that's a real shame.
     
  16. KevFu

    KevFu Registered User

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    Not to mention they had a guy willing to spend his own money instead of the bonds.
     
  17. Brodie

    Brodie Marxist-Harbaughist

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    the fact that they had a dude willing to spend his own money and turned him down is just the most hilarious thing ever.

    Glendale has nothing on the ToH.
     
  18. LadyStanley

    LadyStanley RIP Fugu

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  19. kdb209

    kdb209 Registered User

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    Another NHL.com piece on the arena plans and referendum

    http://www.nhl.com/ice/news.htm?id=562517

     
  20. kdb209

    kdb209 Registered User

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    Chris Botta's take on the arena/referendum announcement:

    http://sports.espn.go.com/new-york/nhl/news/story?id=6526985

    If the bond repayment is covered completely by Coliseum generated revenues, that removes the one big stumbling block - modulo overly rosy revenue estimates (and any County backstop for any shortfalls) and any cost overrun issues.
     
  21. nyrmetros

    nyrmetros Registered User

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    Would a renovation of the arena be cheaper than a whole new arena??

    And the mass transit issue of the area is still unresolved.
     
  22. Pnut

    Pnut Guest

    I think that a 39+ year old arena is not up to code anymore (as a poster said on our board) and it makes sense to build a new one so there is no rush on getting it done. The 350 million goes towards the arena and $50 million to a minor league stadium and "improvements", I assume that includes some roads and infrastructure (though nothing like what the LHP proposed)
     
  23. ColinM

    ColinM Registered User

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    So what happens if in 15 years when many of the buildings built in the 1990s have a huge part of their amortization paid off and a bunch of teams start looking for new features in an an arena as was the case back in the 1960s and 1990s?

    Also does this proposal remind you of life in Glendale circa 2001?
     
  24. Branden

    Branden Registered User

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    It amazes me how Fenway Park, Wrigley Field are still in operation.
     
  25. HabsByTheBay

    HabsByTheBay Registered User

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    Fenway Park is an absolute cash cow.

    There is a ton of unrealized, unrecognized value in having a ballpark that you don't have a mortgage on.
     
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