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I thought it was going to be a little more than this.. but Bleacherreport says: the money for the arena project will not increase your tax bill. It will be paid off in similar fashion that a new bridge or tunnel would be paid for through bonds and revenue sharing.
Also, The County will foot the bill, but the cost of the project would be offset by a revenue sharing plan that will pay for the cost of the project over the Islanders new 30 year lease to play in the new arena.
I thought it was going to be a little more than this.. but Bleacherreport says: the money for the arena project will not increase your tax bill. It will be paid off in similar fashion that a new bridge or tunnel would be paid for through bonds and revenue sharing.
Also, The County will foot the bill, but the cost of the project would be offset by a revenue sharing plan that will pay for the cost of the project over the Islanders new 30 year lease to play in the new arena.
who pays for the inevitable cost overruns? I'll give you one guess....
Is the county 100% guaranteed a full return on its investment if the team/arena ends up not generating enough revenue? Doubt it...
If this venture is a success, is the country entitled to any of the profits? Doubt it...
It's definitely a risk, but will guarantee we keep the Islanders. I'm not 100% sure, but I believe if it's a success and with a new revenue sharing plan, the county could stand to benefit from this.
It's definitely a risk, but will guarantee we keep the Islanders. I'm not 100% sure, but I believe if it's a success and with a new revenue sharing plan, the county could stand to benefit from this.
Is there something stopping Wang from borrowing the money?
It's definitely a risk, but will guarantee we keep the Islanders. I'm not 100% sure, but I believe if it's a success and with a new revenue sharing plan, the county could stand to benefit from this.
I would like to see the details on how that revenue sharing would work and projected yearly income. How much yearly payback on the bond can they expect from a hockey team, 5 million, 10 million?
Stadiums for sports franchises have a history of being bad deals for the taxpayers. Seems like many owners want not only the stadium but the real estate, look at what happened in Miami, Houston, also when the Jets wanted to relocte to the upper west side.
I would like to see the details on how that revenue sharing would work and projected yearly income. How much yearly payback on the bond can they expect from a hockey team, 5 million, 10 million?
Stadiums for sports franchises have a history of being bad deals for the taxpayers. Seems like many owners want not only the stadium but the real estate, look at what happened in Miami, Houston, also when the Jets wanted to relocte to the upper west side.
This needs a lot more details.
if by history you mean EVERY SINGLE TIME...you're spot on!
I would like to see the details on how that revenue sharing would work and projected yearly income. How much yearly payback on the bond can they expect from a hockey team, 5 million, 10 million?
Stadiums for sports franchises have a history of being bad deals for the taxpayers. Seems like many owners want not only the stadium but the real estate, look at what happened in Miami, Houston, also when the Jets wanted to relocte to the upper west side.
This needs a lot more details.
Quote:
Originally Posted by S.I.B.
Is there something stopping Wang from borrowing the money?
why not a 50/50 split on costs/revenue sharing?
I'm not sure, the press conference should be up very soon. Hope a reporter asked these questions.
if by history you mean EVERY SINGLE TIME...you're spot on!
The orginal Draft Impact Statement is on the TOH website below, go to the executive summary. The total receipts fo all events at the Coliseum 2007 was $81M and the islanders & dragons accounted for $44M.
According to Wang the Islanders operate at a loss, mainly due to the onerous lease with SMG that Al D'amato set up, then talked Wang into taking over the islanders so SMG wouldn't lose them. My question is, since they are operating at a loss why do they expect that to change with a new stadium?
Does anyone know the yearly lease with SMG that the Islanders pay?
ToH - Town News - Draft Generic Environmental Impact Statement for "The Lighthouse at Long Island" (http://toh.li/content/home/news/lightreport.html - broken link)
From what I gather thee is a vote, by the taxpayers, in early August on this. Im sure it will get voted down unless there is a caluse saying taxpayers will not be held accountable for any of the money, ever.
How do they go from a mega-overly-ambitious private equity development to a pathetic, taxpayer footed "new arena" only proposal?! Are our elected reps. SO dysfunctional that they cannot meet in the middle on a plan that will work for everyone? Simply putting up a new building will not help the Islander's attendance and demographic issues and will not turn them into a revenue cow. However, a real sport/entertainment complex (maybe get an NBA franchise), retail, affordable housing would create a real hub, be a boon to Hofstra AND NCCC, create jobs (besides the Teamster welfare currently on the table). Sort of like the Lighthouse Project scaled back (like without the gaudy "Lighthouse" hi-rise). Nope, Kate and Co. made sure the "hub" stays a dump and willonly sign off on a 55+ apartment project or Walgreens. The NHL loves to compare the Islander's potential to that of Washington who built a new arena and turned the whole franchise around, but if you go there, you see it is full scale urban development with shopping, restaurants, neighborhood gentrification. The kind of ambition, scope and fortitude Town of Hempstead lacks. Anyone seen the economic ghost town Hempstead Turnpike has become? The building dept corruption? The animal shelter fiasco? Who continues to vote for these clowns?! There has got to be more to leadership than recycled light bulb programs and making speeches on opening day of snoopy soccer league! Any real issue is met with NIMBY, NIMBY, NIMBY!! Unless you want a pool, fence or shed, then it's "NIYBY" (Not In YOUR Back Yard)!!
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