NIFA to Evaluate Deal for New Nassau Coliseum

State oversight board says any borrowing for new area requires its approval.

The near decade-long saga to build a new home for the New York Islanders may hit another speed bump.

The Nassau Interim Finance Authority on Wednesday said it was "deeply concerned" with the latest proposal to redevelop the area surrounding the Nassau Coliseum.

Earlier Wednesday at a press event, Nassau County Executive Ed Mangano said he wanted taxpayers to vote in favor of $400 million in bonds to pay for a new arena.

The referendum on the bond issuance takes place Aug. 1.

Members of NIFA, the state oversight board charged with reviewing the county's finances, said they had no idea Mangano planned to pitch a bond to pay for a new sports stadium.

“NIFA requires details of this new plan, which must be evaluated in the context of the county’s fiscal crisis, the wage freeze on county employees and the reductions in services to county residents,” the statement said, urging “greater coordination” between the board and the county.

The six-member oversight board must approve all borrowing for the county, including the proposed $400 million if voters grant authorization.

NIFA chairman Ronald Stack could not be reached for comment.

Nassau Legislative Minority Leader Diane Yatauro, D-Glen Cove, called for NIFA’s input, saying in a statement that she “would like to hear from our new financial partners on this vital issue” so as to “fully address the impact of an additional $400 million in borrowing to construct the proposed sports center.”

Mangano said the Islanders would pay the county back through revenue earned at the new coliseum.

Oh Frank, please say it ain't so. You now you want to see a super Home Depot on the Coliseum site? Then we build affordable housing on a Levittown model? I see big Pharma and Tech firms drooling to come here now. After all, the college grads will have affordable housing. And side jobs shilling Sheetrock at the Depot.....
Daniel Garcia June 22, 2011 at 11:44 AM
I like the fact each NC household will pay an additional $50 per year to pay for this albatross. then according to the county executive the NC stands to make $14m. Here's what I don't like. 1] The fact that once county begins raking in the [pie in the sky] cash windfall, each household will continue to pay the extra $50 per. Politicians always find a way to keep any monies they abscond. 2] Islanders. Vote no in August.
James Kittle June 22, 2011 at 05:11 PM
Exactly right! If this is such a great deal for the tax payers then let there be a fair election in November at no additional cost. I read that this election will cost $2 million dollars! Where does that money come from? My kid's elementary school can't afford a librarian or a guidence counselor but there's extra money for a $400 million dollar achor around the neck of the already over-taxed Nassau County tax-payer? The only reason this election is being held on a Monday in Augst is because the union political machine will get out the votes to pass this mugging of the tax payers. Vote this down in August and then in November vote out the officials that tried to shove this down our throats.
An tUasal Airgead June 22, 2011 at 10:07 PM
The County Executive will host a series of public information meetings from 12:00 p.m. to 2:00 p.m. and from 4:00 p.m. to 8:00 p.m. on: •Wednesday, June 29th at the East Meadow Library at 1886 Front St. (Town of Hempstead). •Thursday, June 30th at the William P. Bennett Hicksville Community Center at 28 West Carl St. (Town of Oyster Bay). •Friday, July 1st at the American Legion Hall at 730 Willis Ave. in Williston Park (Town of N. Hempstead). http://www.nassaucountyny.gov/agencies/CountyExecutive/NewsRelease/2010/6-22-2011.htm
Mista Lou July 28, 2011 at 12:28 PM
To Drew, I don't think I'll be seeing you in the new arena, as I can't afford tickets for anything at the old arena. So, what makes any of us think that, with the tax increase for new coliseum, we'll be able to afford tix to the new one?


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