Islanders Owner Charles Wang yesterday said that there is "no alternative to borrowing funds to build a new Nassau Coliseum," according to Randi Marshall of NEWSDAY. Wang spoke yesterday at a meeting of Action Long Island, a nonprofit that addresses local business issues. He said that he "would have to start construction on a new arena by next June, therefore leaving him little time to contemplate alternatives" if residents vote against an Aug. 1 referendum on whether to borrow up to $400M for the construction of a new Coliseum and minor league ballpark. Wang: "If we don't put a shovel in the ground in 2012, we can't do it. We're out of options. There is no 'Plan B.'" The Action Long Island meeting "came at the end of an all-day publicity blitz Tuesday that began with a television appearance in the morning and continued with an in-studio appearance with WFAN host Mike Francesca." Wang said that he "most likely would not consider paying for a new arena if the public vote downs the referendum." Wang: "It's not a good idea right now." The Islanders plan to hold a rally today at Nassau Coliseum in an "effort to garner further support" for the referendum (NEWSDAY, 7/27). Nassau County Democratic Committee Chair Jay Jacobs on WFAN's "Francesa" said, “My view is there are others way to fund this. I don't buy into the ultimatum.” WFAN's Mike Francesa asked Jacobs, “Do you think (Wang) has lost a lot of money to the Islanders in the last few years?” Jacobs replied, “I wouldn't doubt he has lost money on them, but this is a business investment and either he thinks this is a good investment or he doesn't. And if he doesn't, then he should sell it.” Wang later appeared on the show and told Francesa the team has cost him about $230-240M over 11 years, but he is “not moaning about this." Wang: "I just want people to know this is what I have put into it” (“Francesa,” WFAN-AM, 7/26).
RISK & REWARD: Nassau County Exec Edward Mangano said that the proposed borrowing plan is an "economic development initiative that carries some risk, but the threat of allowing the arena to close when the Islanders lease expires in 2015 is far more risky to Nassau's struggling economy." Mangano said that if the county "spends all $400 million, the average Nassau homeowner will pay $58 in additional county property taxes for debt service on the new facilities." Mangano: "Is there risk? Yes. We believe that the risk is minimal and when you look at the risk, you need to analyze what happens if we do nothing." Mangano added that the proposed plan "won't cause a net property tax increase because the county will be reimbursed through a revenue sharing agreement with" Wang. A Nassau County consultant said that if the Islanders leave, the county "would lose 2,100 jobs and the shortfall in sales tax revenue would necessitate a $16 property tax increase." Mangano for the first time yesterday "acknowledged a 'Plan B' if an Aug. 1 referendum on the project is voted down, but didn't reveal it" (NEWSDAY, 7/27). Islanders blogger Chris Botta said, "The Isles have had a lot of losses the last 18 years. If somehow they manage to lose this one, it would be the biggest and most humiliating in the history of the franchise. For the sake of the future of the team here, it just cannot happen" (GLOBEANDMAIL.com 7/26).
