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Million dollars they would have build -- -- Nassau coliseum.
Currently home to the New York Islanders hockey team but not everybody agrees that benefits -- outweigh the cost.
You're gonna create so many jobs that the thing will pay for itself because it won't.
You know people have asserted this over and over again for decades and everyone who's looked closely at it has found that it never works.
And Adam Shapiro joins us live from the controversial coliseum in union -- Adam.
We'll show everyone agrees that the coliseum or 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 more debt to pay for this -- to discuss all of this I want to introduce you to the county executive Edmund and -- And sure 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.
If the islanders 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 at a date.
And it's a threshold question that it put before the people do you want to invest in your -- When you -- -- -- caddie 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 that what the vote is get in return.
As a share of the gross revenue produced at their facility to facility that they were alone.
If this model was employed when this facility was built.
But -- 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 payments.
Apple -- experts always say that's the argument that's made Kevin has -- been on higher all morning and they say the argument you dismayed it's absolutely not true study after study after study show these.
The 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 -- -- gets a portion of that.
To the threshold question here is you lose the status -- this will close NASA -- will lose jobs just says it's lost the jets it's lost the next.
It's 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 -- -- around -- win a Stanley Cup.
But can you -- better bottom line is Kenya Ford 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 you this there's going to 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 -- he has a question -- had the -- and again -- -- 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 guaranteed is following through.
So so rob paso was a businessman from NASA -- wants to know what's plan B if this fails because even if the voters approve it -- look at -- 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 -- probably our -- out this property went out of -- -- they'll be no commitment to build on.
And again you know this is asking the voters for authorization to do yourself somebody shows up and there's some magic bullet today after -- right now or anywhere between.
-- someone wants invest in this great coliseum will take those investment dollars.
Hi I got a throwback to studio but I've -- thought 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 him -- from Nassau County today for a -- --
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