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Nassau County Executive Edward Mangano explains why it's beneficial to build a new Coliseum.
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400.
Million dollars they would build -- -- Nassau coliseum.
Currently home to the New York Islanders hockey team but not everybody agrees that benefits are gonna outweigh the cost.
You know people have asserted this over and over again for decades and everyone who's looked closely -- it has found that it never works.
And Adam Shapiro joins us live from the controversial coliseum in union vale Adam.
We'll show everyone agrees that the coliseum -- some people affectionately call it the mausoleum -- outlived its purpose.
And it needs to be replaced the problem is that -- -- is millions of dollars in debt they're under state finance control.
And other asking the voters take on -- -- to pay for this so to discuss all of this I want to introduce -- -- account executive Edmund and now.
And -- exactly why should the voters do this when you're so much in debt.
Because you can't afford really not to do it it's up to the voters at the end of the day here we are facing -- closed.
Coliseum.
In 2015.
-- the -- -- leave the stadium will be.
42 years old they'll be no one in their right mind it wants to sign a lease 42 year old facility that has no promise of any capital improvements to it.
It's antiquated it's old it's an efficient -- -- date.
And it's a threshold question that it put before the people do you want to invest in your -- When you see investment accounting what's the payoff to me is a voter -- Nassau County if I say yes because you're putting us on the line Nassau County voters.
For 400 million.
Well what's on the what the vote is get in return.
As a share of the gross revenue produced -- their facilities facility that they were alone.
If this model was employed when this facility was built.
For the last nine years this is 39 years old with a thirty year useful life for the last nine years you would receive revenue with no debt service payment.
At all but experts always say that's the argument that's made Kevin -- it's been on higher all morning and they say the argument you just made -- absolutely not true study after study after study show these.
Stadiums do not pay for themselves and do wind up costing taxpayers money.
Well one this is a share the gross revenue.
Every dollar spent -- taxpayer gets a portion of that.
To the threshold question here is you lose the status -- this will close NASA counting will lose jobs just says it's lost the jets it's lost the next.
It's loses loses loses big corporations that lose his job opportunities there is the future to worry about be concerned with we owe it to the next generation as well.
When I was young I came to this coliseum so many concerts -- west around -- win -- Stanley Cup.
But can you reported better bottom line is can -- -- -- 400 million is a lot ask the taxpayers that guarantees that I'm gonna have to come up with more money well you can guarantee this there's -- -- be some revenue raised here and they're gonna get a portion of every one of those dollars that are raised here hold that thought we have a question I think from the studio guys go ahead.
Rob has has offices in Nassau he has a question -- had -- hot mr.
Meghann out of this is rob bass so I wanted to find out if we actually don't get this passed if this vote does not go through.
What's plan B everybody wants to know because this is not a guarantee -- -- going through.
So so rob paso was a businessman from -- -- wants to know what's plan B if this fails because even if the voters approve it -- could -- Debt to finance authority may not approve it what you planned it.
Levy is about to go back to the drawing board but -- likely include debt probably our opinion out this property went out -- coliseum but they'll be no commitment to build on.
And again you know this is asking the voters for authorization to do so if somebody shows up there's some magic bullet today after -- right now or anywhere between.
We're someone wants invest in this great coliseum will take those investment dollars.
Hi I -- throwback to studio but I've -- the Nassau County interim financing authority does have the final say on this and what they might say is something different than what the voters may -- back to share a fascinating story out of -- -- from Nassau County today for a --
