VIDEO: Mangano, Wang Announce Arena Lease Agreement

Nassau County Executive Ed Mangano and New York Islanders owner Charles Wang said Wednesday that the county has reached a lease agreement that would keep the Islanders in Nassau County until 2045, pending voter approval of a new arena.

The current contract for the Nassau Veterans Memorial Coliseum is set to expire in 2015.

Camoin Associates, an economic analysis company the county and team invited to the press event, said the agreement would generate $1.2 billion in tax revenue over the life of the lease.

The revenue will be used to pay off the $350 million in construction costs associated with the new arena and $433 million in debt service payments, while an estimated $403 million in profit would be returned to taxpayers.

But when asked what the average taxes per household on an annual basis would be for each year of construction, the economists did not have an answer.

According to Michael Picker, a senior vice president with the Islanders, taxpayers will be responsible for $350 million in costs, while Wang will cover the rest. In regards to the $350 million, Mangano said, "It is an investment."

But Democrats called it a waste of money.

In a statement this afternoon, Jay Jacobs, the chairman of the state and Nassau County Democrats, said "If the taxpayers believe that they will own anything other than a even higher tax bill, then I have a bridge to sell."

Jacobs slammed Mangano for wanting to "bail out a billionaire - by raising our taxes."

The vote on the public referendum will take place on Aug. 1.