CH: So much to discuss here. First off, they FINALLY released this information, and it was worth the wait. This plan is much better than I expected - to outline, the Islanders will pay Nassau County a guaranteed $14 million per year ($420 million over the life of the contract), along with 11.5% of all revenues from all events at the new arena. That includes everything from pretzels, tickets, beer etc. It's now projected, if the new arena does not make a dime, that each household will see an increase in property tax of less than $20 per year. However, the projections state the new arena will make over $1.2 billion in revenues, which should pay off the entire thing. This is an absolute sweetheart deal for Nassau County. There's just no other way to put it. I'm certainly a little more optimistic than I was going into today, but we'll see what previous detractors have to say about it tomorrow.
AT: Awesome job by Wang and Mangano today. I was surprised honestly, but my faith has been restored in Mr. Wang and Mr. Mangano. By allowing the County 11.5% of the revenues which will cover the tax expenses and more, this plan really should not be hated by anybody. This is the perfect situation for everyone. Well done, Wang-ano.
CH: As we knew before, the Islanders will be staying on Long Island until at least 2045 under this agreement. There will be 3,000 permanent jobs and over 1,000 temporary construction jobs created. It was also confirmed today that the demolition of the current Nassau Coliseum will be included in the $350 million bond. Charles Wang has also agreed to pay any overruns over the $350 million number, so there will be no further burden on the taxpayer whatsoever. Those are two huge answers to very legitimate questions proposed by some members of the Legislature.
AT: And if the Isles leave, it's the taxpayers who will be paying for the demolition. Just something to keep in mind. Good for Wang to ensure the voters that anything over what is promised in the $350m will be paid for by him. I really hope we see a true, state of the art arena.
CH: The one thing we didn't hear about is a comparison report on what would happen if the Islanders left, which is something I would still like to say. However, with the increase in property tax essentially negligible, it may not even matter that much. Still, it's something that would be nice to see. That said, the appeasement of ABLI and the Town of Hempstead yesterday means there are already powerful people on board. The only other negative I could see from this plan is that the payback period won't start until three years after borrowing. That means that there will be a little bit more of a tax increase in that time, but in the long-term it becomes moot. Like Wang said at the end of the press conference, this is about future generations of Long Island - not just today's.
AT: Absolutely. Long term for the Island is the most important thing here. Yes, taxes will go up a very minor amount in the short term, but all of that will come back - and more! 11.5% over 30 years, especially with a team that has a returning fanbase and a rising team, is nothing but good news for Nassau residents.
CH: From here, the campaign officially begins from the Islanders/Nassau County standpoint. The Islanders will have voter registration at their draft party on Friday. Nassau County is going to hold public meetings on the benefits of this plan as soon as next week and through the month of July. The Islanders are also going to be creating a website with all pertinent information about the Coliseum plan. These are all great marketing techniques. But now it's up to us. This vote is of extreme importance and we must show NIFA and the Legislature that this plan should go through. And that will happen with a landslide victory on August 1.
AT: The voter registration at the draft party is huge. Last thing we need is younger fans going to the booth to find out they haven't registered. Get everyone who can vote and is willing to vote yes out there, spread fliers, post signs, scream it on the highway at passing cars. Okay, maybe not that last part. But I really hope the Islanders have a damn good PR firm ready for this. They'll need it to ensure their future.
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