Photos
George Strifas' Colony Diner is less than two miles from the Nassau Coliseum, once the center of the hockey universe.
Though the Isles are nearly three decades removed from their Stanley Cup winning years, the team still generates revenue for area businesses.
Patch spoke to Strifas about the $400 million bond referendum scheduled for Aug. 1, and the importance of keeping the Islanders on Long Island.
Patch: What does an Islanders game night mean to your diner?
Strifas: Before the game, we generally bring in 150 people or so. I can tell because most of them are wearing jerseys. Financially, many Islanders games are worth up to $1,000 before a game and $500 after a game. It's about half of that on a Tuesday night.
Patch: Why else do you support the new arena?
Strifas: It's about much more than just the Islanders, though this will help them put a good product on the ice. A new arena means more concerts and more activities in the area. It's a quality issue.
Patch: But homeowners in Nassau County are already paying high property taxes, and some have voiced a concern that they can't afford to pay more.
Strifas: I live here. As a resident, I pay a lot in property taxes. But it's a 30-year bond, which will cost every homeowner about $40 per year. Come on man. I went to Carvel the other night and it cost us $18.
Patch: What happens if the voters reject the bond?
Strifas: Forget me. Every eatery in the area will take a hit. We would have a few less servers. For the servers on staff, it would probably come out to be 3-to-4 percent less in yearly income because of fewer tips. It could mean a $100,000 swing for our business, but that's not the concern. Just think about the servers and our vendors. They're the ones who will feel it.
Dan
4:18 pm on Wednesday, June 1, 2011
Yeah and I want to win lotto VOTE NO
MerrickGuy
7:49 pm on Wednesday, June 1, 2011
Great comment Dan. We really need to get out the message to tell everyone to vote NO. I have been spreading the word to friends and family. Really getting a grass-roots movement going!
MerrickGuy
7:47 pm on Wednesday, June 1, 2011
If the businesses in the area want to take up the debt, I encourage them to contact Mr. Wang and see if they can get in on this stellar deal. I am voting no and everyone whom I have spoken with so far is voting no. Stop with the $40 per household, that is just interest service cost. The real cost is $400,000,000 divided by 435,764 housing units (according to the US Census) which equates to $918 of additional debt per household on top of pension liabilities and other obligations. This is actually irresponsible to report $40 per household.
Mike
9:24 pm on Wednesday, June 1, 2011
Up to a year ago Wang wanted to spend his own money (a few billion dollars worth), but of course North Hempstead flat out refused. Again, that would have created jobs, revenue for the county and a place to go.
Did you know that this county is losing more residents than any other in the east ???? Why???? One major reason is because of high taxes. Jobs is what people thrive on to make money, live comfortably and have lower taxes. The more the job creations, the lower the taxes. At this point, all of our jobs are moving out east.
I VOTE YES AND WILL CONTINUE TO TELL ALL !!!!!!!!! VOTE YES !!!!!!!!!
Alan Smithee
6:54 am on Tuesday, June 7, 2011
MerrickGuy: The real cost isn't just the $400M principal - it's principal plus interest. Let's assume that the total cost is $900M on a 30-year bond (a figure I saw quoted elsewhere, but unfortunately I don't remember where). So the actual cost per household, using your total from the Census, is $2,065.33 per household over the life of the debt. Divide that by 30 years, and you get $68.84, per household, per year. That's assuming the new building makes $0 in revenue, which would only happen if no one in Nassau County and the surrounding environs bought a ticket to an Isles game, concert, Disney on Ice, or Ringling Bros. Circus in that time frame.
I don't blame you for bristling at having costs foisted onto us taxpayers; blame the short-sighted folks running the Town of Hempstead for practically running Charles Wang out on a rail for having the audacity to want to build something more on that 60+ acre patch of concrete. But, well, the numbers don't look nearly as dire as you paint them to be.
MerrickGuy
8:55 am on Tuesday, June 7, 2011
Alan,
Thanks for the common sense comment backed up by some facts and figures. You are correct the issuance is not going to be the straw that "breaks the camel's back" but I do not believe it will help the county. Based on the longest dated Nassau County bond I found on Bloomberg NC is at 5.1% for a bond due 2036. I figure this issue would go out at about 5.5% to 5.75%. So total cost over 30 years is $400MM debt + $660MM interest (on 5.5%) + Financing Costs $20MM = $1.08 billion. That's not 100% accurate because you need to discount that back at inflation. So the present value in today's dollars is around $597MM assuming inflation at 3%. So $597MM / 435,764 units = $1370 per household in today's dollars. Now you are correct that this will not be end of the county we have other larger issues but I think if we are going to commit our households to this type of debt we should have a little bit more to show for it than the "Colony Diner" wants it because "he just went to Carvel and it costs him $18" so what's another $1370 per household.
I liked the original plan, I liked that Wang was going to pay for it all, I even liked that they were exploring building a monorail from Freeport to the coliseum and running it up the Meadowbrook. It made sense to me. I resent the fact that they are scheduling a vote on Aug 1, providing no information yet, and a good percentage of the voting public are not asking the tough questions.
MerrickGuy
9:02 am on Tuesday, June 7, 2011
My main issues is that this seems like a great deal for Wang, the Union bosses, the Contractors who I'm sure donate heavily, and a couple of local businesses but a terrible deal for Nassau County taxpayers. I am sick of my fellow residents being treated like children and being told what to think. We have one of the most wealthiest, highly educated counties in the nation, many of whom are much more qualified to put together a deal than Mr. Mangano and the politicians. How many deals has Mr. Mangano put together? My point is, he and Nassau County is being taken for a ride. I truly believe Mr. Mangano thinks he is doing "good" for the county but I think a smart businessman is trying to take advantage of him and he does not realize it. It is amateur night at the Apollo and I'm afraid no one is going to call the clown to sweep these characters off the stage.
Alan Smithee
10:01 am on Tuesday, June 7, 2011
MerrickGuy: Believe me, it kills me that the Lighthouse project failed because of all the fear, uncertainty and doubt Kate Murray cast about taxpayer burden, and now she's done a 180 and is embracing this bond issue. But, sadly, that ship has sailed (nautical pun intended). I'm not crazy about a bond issue being used to build a new "areener", to quote Mangano, but taking your adjusted-for-inflation numbers, $45.67 per year is not a terrible number. Rolled into the escrow payments of my mortgage, it's less than $4/month, which is a drop in the bucket compared to what my school district's ever-increasing budget costs me. It could be worse, and I'd imagine that the shortfall in sales tax from losing 41 Islanders games if the team moves, plus the risk of the Coliseum going dark altogether without a primary tenant, would be much worse for my bottom line.
As for your comment about the smart folks on LI, a lot of folks are going to vote for this with their hearts rather than their heads, whether it's out of a desire to keep the Islanders on Long Island or a knee-jerk reaction to a large bond issue.
Tell you what, though - if $45.67 per year is too much for your family to bear, I'll treat you to dinner before Opening Night of the Isles' season for the next 30 years. I know a great diner in East Meadow...
MerrickGuy
10:20 am on Tuesday, June 7, 2011
Alan,
Thanks for the great commentary and perspective. I completely agree that it is not a ton of money but I think we have other priorities before we provide Wang with a windfall. I cannot vote for this based on principle because they haven't provided any transparency and there is not enough upside in this deal for the county. I wonder if Mr. Strifas would be fore the coliseum if we voted to slap a special assessment on local eateries that benefit from the construction. That being said, I'd rather eat a Borrelli's! See you there opening night!!
Mike
9:16 pm on Wednesday, June 1, 2011
I vote yes. Jobs, tax revenue and a place for this county to go to, instead of out east.
MerrickGuy
9:26 pm on Wednesday, June 1, 2011
What jobs Mike? The waitress at Colony that I'm sure couldn't afford a home in Nassau on her tips? The union guys who will get some work for a short period time while their boss makes them work OT for cash? The only person who is worried about their job is Mr. Wang and Mr. Mangano. As for taxes, in all the information sent out, I have yet to see how they decided that this will produce the most incremental tax revenue.
Mike I encourage you to read up on the details of this proposal. I am sure after an hour of digging, you will change your vote.
Steve
9:28 pm on Wednesday, June 1, 2011
Vote yes, without the Isles the coliseum will eventually deteriorate to the point it will be knocked down. This will most likely then turn to low income housing for those in hempstead and uniondale and move the crime ridden neighborhoods further east down the turnpike. Let's just keep turning this county into Queens. Let's also not forget about events. Unless you people live in a bubble, you go to various events at the coliseum. You would then need to travel to the likes of MSG at $14.50 in train tickets every time, and keep throwing your hard earned money into NYC instead of into your own county. You live in Nassau county, you should know you are going to pay high taxes no matter what. The County barely puts money into any of the county owned parks...Cantiague...morley...eisenhower, they all look like they haven't been updated since 1970. Let's get give this county something to finally be proud of and an awesome arena like every other sports team in America seems to be getting. MSG is getting a renovation, Prudential center, Citi Field, Yankee stadium and Giants Stadium are brand new and they are all a pain to get to for an event, why not have something in our own back yard???
MerrickGuy
9:31 pm on Wednesday, June 1, 2011
People in Nassau live here because we are a suburb of New York City. Whether you are in a trade or work on Wall Street, chances are to afford our taxes and cost of living you work in New York City. Long Island companies do not pay well. The only people that can afford to live and work in Nassau are politicians, teachers, and cops. New York City creates the jobs not Long Island and certainly not the Nassau Coliseum!!!
Steve
9:32 pm on Wednesday, June 1, 2011
Building a coliseum will generate jobs for the people building it...
Mike
9:59 pm on Wednesday, June 1, 2011
Steve-
Amen to you !!! VOTE YES AND MAKE SURE ALL YOUR FRIENDS, CO-WORKERS AND NEIGHBORS VOTE YES ON AUGUST 1 !!!!!!
MerrickGuy
10:12 pm on Wednesday, June 1, 2011
Well vote is on August 1. No one has posted any type of supporting evidence that this is plan will help Nassau County other than "it will create jobs". So without any real evidence, how am I supposed to vote Yes? Will we create jobs in the short-run to sacrifice jobs in the long-run? Will the increased debt, push Nassau over the edge at a later date and force more layoffs and draconian cuts? What if the Islanders go bankrupt due to fiscal mismanagement and the lease is voided? Ask yourself the hard questions, you won't like what you find out.
So my vote is No and until someone can make some type of convincing argument (supported by facts), that will not change.
charles rimicci
6:48 am on Thursday, June 2, 2011
no would not pay enough in taxes as is waste of taxpayer dollars why don't they put it up for a vote in november when all the voters are in town and perhaps not on vacation they are pulling a fast one as usual
John
7:51 am on Thursday, June 2, 2011
Hey for all the people who want to Vote NO I will tell you this. If this gets denied and the Islanders move there will be a empty lot there. So in theory Nassau County will be losing out on millions and millions of dollars they received in tax revenue yearly from when the Islanders were there. So what will nassau County have to do, RAISE YOUR TAXES EVEN MORE THAN WHAT THE BOND REFERENDUM WAS GOING TO!!!!!!!!!!!!!!!!!!
VOTE YES ON AUGUST 1ST!
MerrickGuy
10:17 am on Thursday, June 2, 2011
John, I believe that the County owns the property and leases it to Wang. If the Islander go, why can't we just lease it to someone who will hold events there? Just because the Islanders are not there does not mean it will not be used. Besides, have you been to an Islander game lately? It is empty. Wang can't put together a quality team which is why the fans do not turn out.
I keep on hearing how if the Coliseum closes my taxes are going up... let's see some hard figures. I'm sure they don't exist. I can give you some hard figures on what it will cost tax payers. Also, no one is talking about our cost of debt. If we issue this debt, I am sure our rating will downgraded. This will produce huge budget shortfalls going forward. All around, this is a bad deal.
John
10:54 am on Thursday, June 2, 2011
It doesnt matter how empty the building is, Nassau County still receive the annual tax revenue from the arena. On a side note, who in there right mind would lease that sh*t hole of an arena to hold events there. They would rather go to Hofstra or someone else instead of there.
MerrickGuy
11:00 am on Thursday, June 2, 2011
John if the building is empty, team does not produce revenue. If the team does not produce revenue, the team cannot pay bills. If the team cannot pay bills, the owner files bankruptcy. Who's left holding the bag? Nassau County homeowners because we were stupid enough to issue the financing in our name while we were under seizure from New York State!
A Vaccaro
8:46 am on Thursday, June 2, 2011
ABSOLUTELY Noooooooooooooo on the vote. They are going to raise our taxes no matter what. Wang and the Islander players should foot that bill. They make more than we ever will in our lifetimes.
Martin Moose
11:42 am on Thursday, June 2, 2011
Vote yes
Let's go Islanders
There are two kinds of people voting no
1) Ranger fans
2) liberals
MerrickGuy
11:49 am on Thursday, June 2, 2011
So plenty of Islander fans are sick of Wang's mismanagement (including myself). Secondly, since when did being fiscally conservative = being a liberal? If I'm not mistaken, Reagan's viewpoint was to lower taxes and stimulate demand. Roosevelt, is to create "make work" projects. This project is going to increase taxes and do little to stimulate demand (look no further than Citi Field). Seems like the only liberals are Mangano and his buddies that voted for this.
Gutty
5:00 pm on Sunday, June 5, 2011
All you morons saying vote no. How about checking your tax bill when there is no revenue from the coliseum. No isles games, no conventions, no concerts, no Disney on ice, no circus etc. You say we should check facts. Why don't u ask your local politicians to answer that question. What's gonna be built to replace that lost revenue. So sick of uninformed residents spewing hate towards this project. U say Wang would have paid for lighthouse on his own. Where were u voting out Murray. And we wonder why Nassau is in the state we are. Simple answer. Morons line Dan and Merrick Guy. Write back and I will gladly provide my personal contact info to chat with u all and even meet up. Think twice before you tell all to vote no. And get the facts first as well. Wait till end if June before you hastily say no.
Gutty
5:07 pm on Sunday, June 5, 2011
Merrick guy. How many people have u talked with? Every single person I have come across is voting yes. Let me guess. U are in your upper 50's. Kids getting ready to move on. Sorry bro. Aug 1 vote was a coup. Only people voting on that day are unions, isles fans, local business etc.,, Those who may oppose will not take the time to come out. Don't waste your baseless no banter. Your out voted.
MerrickGuy
1:18 pm on Monday, June 6, 2011
Gutty,
That's the problem with making stereotypes, they are usually wrong. In fact, I am just the opposite of what you assumed. I made enough comments that support why I am against it. Because no one involved in the deal wants any transparency, more facts cannot be provided. Since county finances are under seizure by New York State, I do not think issuing more debt is appropriate. In fact, my understanding is that the rating agencies are not looking favorably on this move.
Last time I checked, Nassau County is still under Democratic rule. So on August 1, I will be going out to vote NO. I know my family members (who are all none of the above) are voting NO. If it passes, than the people have spoken but your obnoxious comment highlights why everyone in the county needs to come out and cast their ballot. So, I cannot be "out voted" until August 2. Good Luck Gutty; your "YES" vote is going to need it.
John Rielly
10:07 am on Tuesday, June 7, 2011
So MerrickGuy let's just completely disregard the tax revenue and the jobs that 41 home games a year brings. While we're at it let's just completely disregard all the places to eat that the fans go to and the people that those places employ. Just mention Colony Diner because that's the only place Islander fans eat at. While you're at it, great job not mentioning what it means to have a local professional sports team. What the players do for the community. Let's not mention the youth programs and fund-raisers that the team does for many great causes in the area. You really gotta get a clue and not just talk about your agenda. How bout doing the math on the difference of having a 41 home games a year, a new hub, and a cool place to hang out vs. not having those 41 games a year, a crumbling building that will not generate revenue regardless of your lies because who in their right mind would want to perform there. Try redoing the math with what I mentioned if you really want to debate this.
MerrickGuy
10:27 am on Tuesday, June 7, 2011
According to the most recent data, total revenue from the coliseum is $22 million. Total tax revenue according to Nassau County is $3 billion, so the coliseum contributes 0.7% to our revenue. How much extra do we spend in police and roadwork? What if we shopped out a better deal? Could we make more revenue. Assuming this deal can continue to make the county $22 million and we could issue bonds at 5.5% this deal might break even at best! Who provides financing to breakeven? Wang couldn't run Computer Associates or the Islanders. Maybe he should focus on putting a decent team on the ice instead of trading all the top talent to other teams.
Tony S
12:22 am on Sunday, July 3, 2011
George Strifas I guess I won't be patronizing your greasy spoon diner anymore but I will be VOTING NO on August 1st .
An tUasal Airgead
4:07 am on Sunday, July 3, 2011
Michael Turner of East Meadow couldn't help but disagree. He too felt the Aug. 1 vote is a bit too soon and also added that many residents will not be aware of the standalone vote considering it is amid summer vacation.
"If you wait four more months to the November vote when you've got thousands of residents coming, everybody will have a right," Turner said. "It won't be disenfranchised because they're on vacation or they don't get a letter saying you can have an absentee ballot. This is a big issue, it's a 30 year commitment."
Another common concern among the community was the tax increase that will effect Nassau County residents. Though the number is currently unknown, taxpayers can expect to see a $48-$58 addition.
Tom Gallagher of Wantagh felt his taxes should not be impacted from this project.
"If the vote doesn't pass, we will be paying for this election," Gallagher said.
East Meadow homeowner Jose Ramos, a United States veteran, agreed with Gallagher and expressed his concern in regards to the undetermined amount of time taxpayers will be charged for this plan.
"When the revenue is coming in, you don't need my $48 anymore," Ramos said. "The revenue should be taking care of it. Once a tax goes in, it never comes out. If there's an end date I could see, then maybe I could consider this."
http://eastmeadow.patch.com/articles/county-officials-respond-to-residents-on-new-arena-proposal
An tUasal Airgead
6:36 am on Sunday, July 3, 2011
NIFA board member George Marlin … argued that publicly financed stadiums have been historically "great for the owners but bad for the taxpayers."
"They want to stick the taxpayers with $400 million in debt without providing an economic analysis, a feasibility study, a cost analysis, no figures in terms of the sharing of fees and no environmental impact study," Marlin said. "They went public with this without the facts."
Vote on Nassau arena could cost $1.8M
Originally published: May 13, 2011
http://www.newsday.com/long-island/nassau/vote-on-nassau-arena-could-cost-1-8m-1.2875652
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George Marlin, a member of the Nassau Interim Finance Authority, the state monitoring board overseeing the county's finances, said that under the deal, taxpayers would be on the hook for the entire debt service -- more than $800 million.
"While it appears the economics of the project are built on optimistic assumptions and projections, nevertheless, the inescapable fact is that there will be a built-in 3 to 4 percent Coliseum property tax," Marlin said Wednesday.
Critics: Coliseum deal would mean tax hike
Originally published: June 22, 2011
http://www.newsday.com/long-island/nassau/critics-coliseum-deal-would-mean-tax-hike-1.2976626
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An tUasal Airgead
6:39 am on Sunday, July 3, 2011
Enviromental study results to be provided AFTER the vote!
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The environmental assessment, mandated by New York's State Environmental Quality Review Act, will examine the proposed $400 million development's possible impact on area traffic, air, water and noise quality, visual aesthetics and human health.
In addition, Sahn suggested that issues regarding groundwater, as well as sanitary and septic disposal, could require additional study.
The demolition of the existing Coliseum, which the county concedes contains asbestos, will also require careful disposal.
The SEQRA review, begun several weeks ago by planners and engineers from the Department of Public Works, is expected to be completed after the Aug. 1 vote.
http://www.newsday.com/long-island/nassau/nassau-doing-review-of-coliseum-property-1.2989675
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An tUasal Airgead
6:40 am on Sunday, July 3, 2011
Nassau County is preparing to transfer $2.2 million into the coffers of the Board of Elections to fund a special election that could determine the fate of the Nassau Coliseum, multiple sources confirmed Thursday.
About 6,000 absentee ballots will be mailed to those on the election board's permanent list. Individuals not on that list who will be out of town on Aug. 1 can request an absentee ballot from the board.
But with the exception of newly enrolled voters, residents will not receive a confirmation card detailing their polling site because a countywide mailing costs up to $500,000, Biamonte said. Residents should go to their usual voting site to cast their ballots, he said.
About 20 voting sites are unavailable on Aug. 1 and will have to be relocated, Biamonte said. Meanwhile, roughly 75 percent of the voting sites -- generally public schools, libraries and firehouses -- do not have air conditioning, a possible concern in the sweltering August heat. The majority of the 5,443 Election Day employees, including poll coordinators, inspectors, chairmen and translators, are in their 70s, he said.
Nassau to weigh funds for Coliseum vote
Originally published: July 1, 2011 8:26 PM
http://www.newsday.com/long-island/nassau/nassau-to-weigh-funds-for-coliseum-vote-1.2999695
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An tUasal Airgead
6:41 am on Sunday, July 3, 2011
The Economic Impact of Sports Facilities on Metropolitan Areas”
Few fields of empirical economic research offer virtual unanimity of findings. Yet, independent work on the economic impact of stadiums and arenas has uniformly found that there is no statistically significant positive correlation between sports facility construction and economic development.
These results stand in distinct contrast to the promotional studies that are typically done by consulting firms under the hire of teams or local chambers of commerce supporting facility development. Typically, such promotional studies project future impact and almost inevitably adopt unrealistic assumptions regarding local value added, new spending, and associated multipliers. They often use a regional input output model that depends on outdated technical coefficients which are treated as invariant to shifts in supply and demand.
The academic work on the economic impact of sports facilities and teams does not rely upon projection. Rather, it compares the local economic performance of areas with and without stadiums, arenas, and teams, controlling for other variables that affect local economic conditions.
http://www.uwlax.edu/faculty/anderson/micro-principles/stadiums.pdf
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An tUasal Airgead
6:41 am on Sunday, July 3, 2011
.Copy of the “Economic Impact Analysis” (Camoin Associates) for the Uniondale Hub Redevelopment Project.
http://www.scribd.com/fullscreen/58550861
Link provided in this Forbes article
http://blogs.forbes.com/mikeozanian/2011/06/23/economics-of-islanders-new-arena-hinge-on-hockey-teams-performance/
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An tUasal Airgead
6:43 am on Sunday, July 3, 2011
Lease agreement between Nassau & Wang
http://www.nassaucountyny.gov/agencies/CountyExecutive/NewsRelease/2010/documents/LEASEIslanders.pdf
An tUasal Airgead
6:44 am on Sunday, July 3, 2011
Analysis: Coliseum loan would raise taxes
Published: June 14, 2011 11:16 PM
http://www.newsday.com/long-island/politics/analysis-coliseum-loan-would-raise-taxes-1.2957611
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An tUasal Airgead
6:44 am on Sunday, July 3, 2011
The new stadium included more bars, restaurants and shops selling Yankees merchandise and memorabilia to compete with local merchants.
http://online.wsj.com/article/SB10001424052702304450604576415943084878506.html?mod=WSJ_NY_MIDDLELEADNewsCollection
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An tUasal Airgead
6:45 am on Sunday, July 3, 2011
The entire idea of Wang leaving LI is ridiculous. The main reason given is that Wang loses $20 mil a year on the Islanders. Of course Wang conveniently leaves his lucrative cable TV money out of the “losing” equation. He gets around $20+ mil a year now, which is rising up incrementally to $36 mil a year by 2030, at the end of the contract.
http://www.nytimes.com/1999/06/11/sports/tv-sports-rich-cable-deal-lessens-isles-misery.html?ref=edwardmilstein
The cable money is also left out of the lease agreement with Nassau County that this financial house of cards is based on. No 11.5% of the multi-million dollar cable income to the taxpayers that are financing the new Islander stadium.
http://www.nassaucountyny.gov/agencies/CountyExecutive/NewsRelease/2010/documents/LEASEIslanders.pdf
Where is Wang going to take the mediocre Islanders and get a contract of that size?
NY Islanders
38 Seasons
(GP-W-L-T-OTL-SOL)
3042-1313-1308-347-46-28
0.501%
http://www.hockeydb.com/stte/new-york-islanders-7085.html
Send them back to the table. The alternative is a joint venture in which all parties (public & private) have a pound of flesh in the mix and share equally in the risk/rewards.
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