August 1st, 2011, By Dana Haugh
Today, Nassau County residents decide the fate of the $400 million referendum to redo the Nassau Coliseum. Passing the referendum would mean an increase of about $14 in property taxes (or 4%) per Nassau County household which, to most, seems like a reasonable price to pay in comparison to all benefits of a new complex. Still, Nassau holds the title of having one of the highest property tax rates in the country and an increase, though slight, has many taxpayers grumbling.
The proposed renovation will bring thousands of jobs to Long Island and create many attractions that will spark economic growth once it’s completed. The $400 million will fund a completely revamped stadium, a minor league ballpark and a “convention” center likely to generate much needed revenue.
Those against the proposition cannot see why the government would allow tax hikes to fund the endeavor when we are on the brink of financial disaster. The vote alone will cost over $2 million, a bill Islanders owner Charles Wang agreed to pay if the referendum is passed.
The back and forth banter between supporters and critics centers around whether or not shelling out hundreds of millions of dollars in a time of financial woe is advisable. But if the county doesn’t pass the vote, the Islanders will likely move elsewhere, resulting in thousands of job losses and most likely throw the county into colossal debt. But whether you view the potential construction as an economic stimulus or a financial burden, next year’s taxes will likely increase. Nassau is reportedly running toward a $140 million deficit by the year’s end and either way a tax hike is likely to occur.
Advocates of the plan stress the advantages of “1,515 construction jobs, 3,040 permanent jobs and hundreds of millions of dollars in profit after the construction bond are paid off.” But critics argue that the construction jobs are only temporary and 2,000 employees already work in the Coliseum so the job stimulus won’t be as high as it’s marketed.
This morning’s turnout was reported as “slow” and many fear that a vote during the summer time wasn’t the wisest decision. Not only is it costing an incredible amount of money, many
taxpayers go away on vacation, or just don’t care, during the warmer months. If the vote were in November, “it wouldn’t cost a dime.” But Wang and Mangano, Nassau’s county executive, are eager to get the ball moving on this project. We will known soon enough whether their eagerness paid off.
All information gathered from the New York Times