Critics of the Islanders and Nassau County deal for a new arena yesterday said that the agreement “would mean a property tax increase for residents countywide,” according to Marshall & Brodsky of NEWSDAY. The Nassau County Office of Legislative Budget Review estimated that taxes “will rise by about $58 per household to cover the annual debt service.” Nassau County Exec Edward Mangano confirmed that “taxpayers would have to foot the bill at least until the Coliseum is built and new revenue [begins] to flow.” Mangano and Islanders Owner Charles Wang yesterday officially announced the deal, which would “keep the team in the Coliseum until 2045 and give the county 11.5 percent,” or at least $14M a year, of “all arena revenue, plus sales, entertainment and hotel taxes.” Under the agreement, the county “expects to take in more than $28 million in revenue sharing and taxes in the first year the Coliseum is open.” Debt service will “likely amount to about $26 million a year,” and over the “30-year life of the bond, the county estimates it will earn $400 million in profits.” Wang said, “The economy is not going to fix itself. This arena will be a catalyst for Nassau County to grow” (NEWSDAY, 6/23). Voters still must “pass a referendum Aug. 1 allowing the government to issue” $400M in bonds. Wang reiterated that he “would pay the cost of the vote itself -- estimated at over $1 million -- but only if he gets his way.” County officials in a statement yesterday said, “If the citizens approve the construction of a new arena … and the lease is executed, the Islanders will reimburse the county for the costs of the public referendum” (N.Y. POST, 6/23).
