June 17th, 2011, By Dana Haugh
Recent news has shed a more distinct light on Project Lighthouse’s upcoming bond referendum set for August 1. It’s been 
calculated that if Nassau County tax payers vote “yes” to the renovation of the Nassau Coliseum (the new features can be found here), their property taxes could go up about $58 per household. Of course, this is only “temporary” spokeswoman Katie Grilli-Robles reported, explaining plans for a revenue-sharing agreement that would ideally offset the added expense to the tax payer. But many are skeptical of this empty promise and fear that this is just another way of labeling a tax increase.
Nassau Exec Edward Mangano seems to be confident that the funds “generated from the new facilities will produce revenue that exceeds the financing.” But even so, it’s an upfront cost to the tax payer that they might never get back.
Legislator David Denenberg says even if they go ahead with project revenue “it won’t directly lower the $58 in new taxes. . . The revenue from the agreements with the Islanders and the ballpark operator would go into the county’s general fund.” Basically, an eventual decrease in your taxes is probably just a pipe dream.
The cost of borrowing could reach upwards of $878 million, with interest coming in at nearly $478 million on the 30 year loan.
It seems to me like an offset in taxes after the newly renovated Coliseum starts pumping in the money would be one promise the County would conveniently forget. Be aware of their clever manipulations but also take into consideration how much this commercial real estate investment would provide. New housing, new facilities, new entertainment venues- the list goes on.
Nassau County decides Aug 1.
All information gathered from Newsday