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VIDEO: Mangano, Murray Partner for New Coliseum Plan

Entertainment complex will include a new state-of-the-art arena to retain the New York Islanders and a minor league ballpark.

Nassau County Executive Ed Mangano was joined by New York Islanders owner Charles Wang and Town of Hempstead Supervisor Kate Murray Wednesday morning to announce the plans to build a sports-entertainment complex at the current site of the Nassau Veterans Memorial Coliseum.

The proposed complex would include a new state-of-the-art sports arena for the Islanders, as well as a minor league ballpark.

Mangano also announced that he, along with New York State Senators Dean Skelos and Jack Martins, will continue to pursue the construction of an Indian gaming casino at Belmont Park.

Citizens will have the opportunity to have their vote on the $400 million bond referendum on Aug. 1, 2011. Of the $400 million, $350 million is slated for the new arena, while the remaining $50 million will go toward the ballpark.

"Redeveloping the Hub is critical to creating jobs in our county and stimulating local economy" Mangano said. "With the support of business and community leaders, I am advancing a county-wide referendum. This referendum will allow residents to decide whether we should build a sports-entertainment destination at the site of Nassau Coliseum that retains our Islanders, construct a minor league ballpark and create thousands of jobs."

Frank May 16, 2011 at 07:18 PM
Hey Everybody, read this and please comment: http://www.nytimes.com/2011/05/17/sports/a-companys-small-town-arenas-leave-cities-with-big-problems.html
Frank May 17, 2011 at 08:21 PM
Funds Needed : $400,000,000 Debt Service Reserve : $45,455,000 Cost of Issuance Financed : $9,091,000 Total Bonds Issued : $454,550,000 portion not finance-able : $9,091,000 Gross Monthly Payment : $3,524,121 Less Reserve Interest : $265,154 Net Monthly Payment : $3,258,967 You need 42 million/year to pay off this bond in 20 years. View link on the stats on the NY Islanders from Forbes.com: http://www.forbes.com/lists/2009/31/hockey-values-09_New-York-Islanders_312071.html Key takeaways: Revenue $62 mil Operating Inc. $-5.6 mil Player Expenses $40 mil Gate Receipts $22 mil (aka ticket sales) We need $42 million/yr, Islanders produce $22 million/ yr. Q.E.D OMG this deal Stinks!!!
Frank May 17, 2011 at 08:22 PM
OMG... You stupid Union members and islander fans, the price of this build would cause, at a minimum, a tripling of the current islander ticket. To fund this nut, the whole arena would be business box seats, while you suckers get the privilege of $150 dollar nose bleed seats!!!! You knuckleheads would end up not going to a single game at those prices, thereby driving any needed revenue to fund the bond into the ground. And in the end, the taxpayers take in the butt. OMG OMG You need 6 hockey teams, 100 conventions, and a permanent 5 ring circus to pay that nut!!! OMG OMG OMG this deal stinks! SUCKER SUOZZI, MUNGO and FAT KAT are frickin nuts!!!! You blew the lighthouse project for this mess... OMG OMG OMG OMG this deal stinks!!!!!!
Frank Koester May 31, 2011 at 01:46 PM
AHHHH :) I cant wait till all the LI BS is behind me and I move off this VERY over priced island in a few months. I'm counting the days. Just to give you an idea. My property tax here is 10K a year in ELMONT!!!! Where I'm going is $17oo a year on a 1/4 acre. This place dont deserve my $$$$$. Bunch of CROOKS!!!!!
monty May 31, 2011 at 06:17 PM
congrats, Frank Koester on making the escape. It's a decision you will never regret; just wonder why it took so long to make. The unions have no problem simply raising your taxes every year so they can retire early and live off you. For years, we have all been under the assumption that there's no place like NY. Fact is, there is an entire country outside of NY, where people actually get to keep a lot more of their money, enjoy great weather for 12 months rather than four, live in comparable housing at half the cost, enjoy uncrowded roadways, and no longer have to deal with the NY attitudes. You will find that there's a whole new life outside NY. Good luck and enjoy. So where are you headed to?

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