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

[Brodie]

Referendum on a bond sale in Nassau

http://www.newsday.com/long-island/nassau/belmont-gains-as-shinnecock-casino-site-1.2866597





MOD: Previous thread tracking Lighthouse Project: http://hfboards.com/showthread.php?t=593930

Click to read more...

 

[Rink Rage]

It looks like the Islanders are safe!

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

 

[Brodie]

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

 

[KevFu]

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

Point Blank has confirmed that Aug. 1 is the scheduled date for the vote on a planned sports and entertainment destination center on the Nassau Veterans Memorial Coliseum property. The cost is expected to be $400 million. Nassau County residents will vote yay or nay.

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."

 

[Brodie]

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

 

[thenextone]

Thanks.

The Town of Hempstead's position sounds bizarre. Most cities would beg a developer to invest $200M+ in private money into a project that could be the centerpiece of urban renewal. And to risk losing a pro-sports team over it? Just bizarre. I'm not really familiar with Long Island, but it doesn't seem to resemble rural Vermont where a high density signature development would be a poor fit.

So if the First Nations development goes through, Hempstead loses any zoning or advisory control over the development and gets a casino thrust upon them. Nice - they deserve it.

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.

 

[Renbarg]

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.

 

[KevFu]

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).

 

[Hugh Mann*]

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.

 

[IceAce]

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.

 

[Brodie]

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

 

[Twine Seeking Missle]

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

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.

 

[MayDay]

It looks like the Islanders are safe!

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

Aren't you jumping the gun a bit?

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

 

[periferal]

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.

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.

 

[danishh]

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.

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.

 

[KevFu]

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.

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

 

[Brodie]

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.

 

[LadyStanley]

http://www.nhl.com/ice/news.htm?id=562499&cmpid=rss-News in English

AP story on referendum

 

[kdb209]

http://www.nhl.com/ice/news.htm?id=562499&cmpid=rss-News in English

AP story on referendum

Another NHL.com piece on the arena plans and referendum

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

Nassau County, Islanders announce new arena plan
Wednesday, 05.11.2011 / 4:12 PM / News
By Brian Compton - NHL.com Staff Writer

UNIONDALE, N.Y. -- The New York Islanders may finally be getting a new arena.

Nassau County Executive Edward P. Mangano on Wednesday announced a major economic and job creation plan -- one that includes building a state-of-the-art facility to replace the aging Nassau Veterans Memorial Coliseum.

Joined by Islanders owner Charles Wang and Town of Hempstead Supervisor Kate Murray, Mangano announced that the decision would be left to the residents of Nassau County – on Aug. 1, there will be a public referendum is scheduled for Aug. 1 that will decide whether a new facility is built – and the fate of Long Island's only professional sports team. The Isles' lease with Nassau County expires in 2015.

"Today's a great day for Nassau County," Mangano told a crowd of supporters at the Coliseum. "This time, it's the real deal. The time is now."

Should the voters approve of the estimated $400 million bond, construction would begin on the Islanders' new home in 2012 and would open in time for the 2015-16 season. In his deal with Nassau County, Wang has agreed to compensate residents by paying the county a share of each dollar generated at the new arena. The Islanders would also sign a new lease with Nassau County that would keep them on Long Island through 2045.

 

[kdb209]

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

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

A summer blockbuster on Long Island
The Aug. 1 arena vote could be the Islanders' biggest save since Billy Smith retired

By Christopher Botta
Special to ESPNNewYork.com

After nearly two decades of pain and suffering on and off the ice, the New York Islanders and their fans -- the community still proudly known as Islanders Country -- are finally one realistic step closer to having a new home in Nassau County.

A plan was announced Wednesday at an awkward, often cringe-inducing combination press conference/booster club rally/labor union gathering at the Nassau Veterans Memorial Coliseum -- which, along with the Joe in Detroit, is one of only two arenas left in the NHL worthy of being called a "barn." The plan, as hatched by Nassau County executive Edward Mangano and Islanders owner Charles Wang, is a little bit devilish and little bit genius. On Aug. 1, the residents of Nassau will vote on a $400 million bond referendum: $350 million for an arena built on the Coliseum property, $50 million for a minor league ballpark -- because, after all, who hasn't been crying for a Nassau rival to Suffolk's Long Island Ducks?

The majority vote has to be yes, or the Islanders will likely leave town when their Coliseum lease expires in 2015.

The majority vote, unless the Islanders and Nassau's political leadership really whiff on this empty-netter, will be yes.

The key here is Aug. 1. Think about it. The vote is not going to be on Election Day, when tens of thousands of Nassau residents would be in position for a knee-jerk rejection of a $400 million expense by a bankrupt county. (The fact is, county taxes are not expected to go up if Wang gets the dough for his building on the Coliseum property. The bond will be covered by eventual revenue from the new facility.)

The Aug. 1 date, mandated by Mangano, naturally irks the opposition. Aug. 1 is a Monday in the summer. Think about the people who will be inspired to vote Yes or No, to make the effort to drive to the polling stations to take a stand on one issue on a Monday during a Long Island summer.

The Yeas: Islanders fans, the die-hards and the moderates; the unions that approve of the jobs that will be created, and every friend and colleague the union workers urge to show up to vote; everyone in Nassau who wants to see that asphalt on the Coliseum site finally put to good use; everyone convinced by the county and Islanders' marketing campaign that this will actually lead to lower taxes; lovers of concerts and family shows. (Please feel free to add your categories in the comments below.)

The Nays: People convinced by opposing politicians and a handful (at most) of community activist coalitions insisting that the referendum is corporate welfare and Wang and Mangano are evil. (Got other ideas? Comment.)

In an unusual development, the Islanders are the heavy favorites in this game. On Aug. 1, who is going to make the effort to vote against keeping the Islanders on Long Island, vote against the creation of thousands of jobs and vote against a plan that -- as all the ads will insist -- does not raise taxes? In what figures to be an expensive sales, marketing and public relations campaign, the Islanders have more than two months to get their positive messages out to fans and residents. Mike Bossy, John Tavares and other stars of the past and future will spend part of the summer rallying support. The opposition, with no big names and with likely little funding, will not have much to engage and hold the public's attention.

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.

 

[nyrmetros]

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

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

 

[Pnut]

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

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

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)

 

[ColinM]

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?

 

[KuralySnipes]

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

 

[HabsByTheBay]

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

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.