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Mangano, Wang to Discuss Coliseum Lease Deal

Also, Hempstead approves new development zone for arena site.

Nassau County Executive Edward P. Mangano and New York Islanders Owner Charles Wang have scheduled a press conference for Wednesday at 11 a.m. to discuss details of a lease agreement on the newly proposed sports-entertainment complex in Uniondale.

According to a release from Mangano's office, an independent economist and lease negotiators will also be at the press conference at the Coliseum.

Additionally, Town of Hempstead officials said Tuesday that the town has approved a new development zone for the arena.

The approval allows for 5.4 million square feet of construction, including all building and parking structures.

Among the types of development permitted in the newly created zone are convention halls, hotels, retail, restaurants, offices, residential units, entertainment uses and a new or refurbished Coliseum.

According to town officials, the area surrounding the Coliseum now has the densest zoning in all of Hempstead.

Frank Koester June 21, 2011 at 07:59 PM
too bad Nassau county residents pay over 10k in property tax to enjoy using this new "fun zone"
Bill Sweeney June 21, 2011 at 10:32 PM
Huh?
Daniel Garcia June 22, 2011 at 11:25 AM
I like the fact each NC household will pay an additional $50 per year to pay for this albatross. then according to the county executive the NC stands to make $14m. Here's what I don't like. 1] The fact that once county begins raking in the [pie in the sky] cash windfall, each household will continue to pay the extra $50 per. Politicians always find a way to keep any monies they abscound. 2] Islanders. Vote no in August.
Daniel Garcia June 22, 2011 at 01:20 PM
Your equity will be the same as the equity you have received after paying to bailout GM, Chrysler and AIG. ZERO! Feel free to collect anytime.
MerrickGuy June 22, 2011 at 04:38 PM
The bathrooms in Penn Station have new hand dryers that blow hot air if you can't make it to the press conference.
MerrickGuy June 22, 2011 at 04:41 PM
Who is this "independent economist"? What are his/her credentials? Is the person being compensated? If so, by whom? If I were to make an educated guess, I assume he/she is being compensated which doesn't make the economist independent!
Bill Sweeney June 22, 2011 at 10:11 PM
Any costs above the $350 million would be paid by Wang and the Islanders. The county would then receive 11.5 percent of all revenue generated from events held at the new arena. The agreement also specifies a floor of $14 million, meaning even if no revenue was generated from the new arena, Nassau would still be paid a minimum of $14 million per year. “That’s the worst-case scenario,” said Michael Picker, senior vice president of the Islanders. “Obviously, we don’t anticipate that to be the case and expect to come in well above that every year.” That $14 million represents about 70 percent of the county’s annual debt service – totaling $433 million over the course of the lease, according to an independent report on the arena’s economic impact conducted by Saratoga Springs-based Camoin Associates.
Daniel Garcia June 23, 2011 at 01:36 AM
And tell me Bill Sweeney, when do the taxpayers STOP paying the $48per that initially funded this juggernaut?
Bill Sweeney June 23, 2011 at 02:12 AM
Not sure. Way before my time. I do know that with government decisions, as with the rest of life, you won't get too far if you dwell on the past. If this works like it should, it would pay for the new and the old coliseum. There's a lot worse things local, state, and federal governments have wasted money on, Daniel Garcia.
An tUasal Airgead June 23, 2011 at 03:44 AM
Michael N’dolo, vice president of Camoin Associates, said his firm anticipated the building of the new arena would result in 1,515 new construction jobs – though the Camoin report states only 806 of those would be directly related to the construction; the remainder would be indirect jobs stemming from the construction work’s local economic impact, and 3,040 permanent jobs beginning once the arena opens, though, once again, many of those would be indirect as a result of the arena’s economic impact to the surrounding area. “We do not support any tax increases whatsoever,” said Legis. Kevan Abrahams, D-Hempstead, who attended Mangano and Wang’s announcement. “To justify even a small tax increase doesn’t cut the mustard for us. We want to see jobs and economic development at this site, the numbers need to be flushed out. Right now, this facility is providing $100 million in annual revenue. This report is talking about doubling that once the new facility comes in. I don’t want to be a pessimist, but I don’t see an increase in the number of shows or luxury suites adding up to a doubling of the current gross revenue.” http://libn.com/2011/06/22/mangano-wang-reveal-coliseum-lease-details/
An tUasal Airgead June 23, 2011 at 03:45 AM
Currently the Coliseum lease requires SMG to pay the county rent (adjusted yearly by the Consumer Price Index -CPI), hot and chilled water (adjusted yearly by the CPI), electricity, 12.75 % of parking revenues, 25 % of concessions & souvenirs, and $1.50 per ticket. http://www.nassaucountyny.gov/agencies/Comptroller/NewsRelease/2006/documents/SMGAuditReport.pdf
An tUasal Airgead June 23, 2011 at 03:53 AM
In its last-ditch effort to secure a new Nassau Coliseum, Long Island legislators have agreed to rezone the 77-acre site surrounding site and to share revenue from a new stadium with Islanders owner Charles Wang. According to Newsday, the "flexible" rezoning allows for 5.4 million square feet of mixed-use space, divided into six parcels, each of which must contain two separate uses. The rezoning permits more than 500 homes, none larger than three stories, affordable housing and hotels up to 100 feet tall. http://therealdeal.com/newyork/articles/agreement-between-legislators-including-edward-mongano-and-islanders-owner-charles-wang-pave-way-for-new-nassau-coliseum-in-uniondale
Daniel Garcia June 23, 2011 at 10:52 AM
Bill, not dwelling in past the $48 Per person is what current administration says each hhold will be charged for THIS JUGGERNAUT. As for other gov't waste you're absolutely right, ergo my call to VOTE NO, since we've been given the opportunity to do so.
Daniel Garcia June 23, 2011 at 11:26 AM
What surprises me are the usual NIMBY advocates. How d0 people in the Uniondale, East Meadow and Hempstead neighborhoods feel about this?

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