August 9th, 2011, By Dana Haugh
With the referendum rejected, Nassau County Executive Edward Mangano put out a plea for private developers to submit proposals for a revamped Nassau Coliseum. Nassau taxpayers expressed their dissent when they rejected Wang’s proposed tax hike to fund the Coliseum’s renovation and now Mangano is hastening to find another, privately funded, alternative. Despite his disappointment, Wang voices that he wants to keep the Islanders on the Island, but will keep his options open as to where his team’s home-turf will be, come 2015 when their lease expires.
Thus, Wang has begun perusing the 118-mile long sandbar in the hopes of happening upon a potential site. It’s been reported that the Islander owner has already been on the phone with Suffolk County Executive Steve Levy and both men agreed that it might be a good idea go over possible locations in the Suffolk County area again. A nervous Mangano admits that yes, “there will be many areas that try to woo the Islanders out of Nassau, but we will continue our efforts to keep the Islanders in Nassau and advance a sports entertainment destination vision.”
Mangano might not have a terribly difficult time finding private developers who are willing to invest in a new venue for Long Island’s NHL team, but problems might arise when these potential developers attempt to get funding for the multi-million dollar endeavor. Banks have already started to climb back into their shells, fearful of a second recession and a repeat of the
last 3 years. High interest rates and cautious lenders might slow a process that an otherwise healthy economy would accelerate. However, investing in such a large and potentially lucrative venture might alleviate any worries of possible default in the future.
Some of you might remember that Wang had promised to pay the $2 million price tag for holding the referendum vote in August if, and only if, the vote passed. But who gets stuck with the bill now? Nassau tax payers, of course. So last Thursday, Nassau County residents stood outside the county office building to demand their money back, suggesting Mangano shift $1 million of the county executive’s fund over to the voters.
Mangano has yet to comment.
All information gathered from Newsday.