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Nassau County Legislator David Denenberg on the debate over whether funding a new sports arena to replace Nassau Coliseum is a good investment and hel...
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In midtown Manhattan at -- first.
Should -- question we should the government that no longer controls its own checkbook really borrow more.
To keep a hockey team in your asking the wrong person because I love hockey.
Like get you've got a Canadian in your -- -- here's the deal you know -- Nassau County is right now wonder essentially state control as much as -- this state finance -- the interim finance authority.
Access to approve when the county she's new bonds and takes on that.
But the county is going ahead with plans to ask voters to take on more -- about 400 million dollars.
To rebuild the coliseum which everyone agrees needs to be replaced its out of date but the question is is it worth the -- accounting.
Which is hundreds of millions some say billions of dollars in debt and has mismanaged its funds in years past again under state control joining me right now is one of the county legislators.
Who actually voted for the referendum for August -- -- only Democrat.
Who's in favor of doing this David Edinburgh and the strongest argument you can make as to why why they should be done because you are in favor of -- taken on more debt when you're already severely in debt.
Well the reason -- I have voted in favor of the referendum is I believe that the voters are -- more smarter than anyone gives them credit for.
-- seven decide whether the county should take on more debt 40000000350.
For a new arena.
Plus 54.
A minor league ballpark in addition to -- that development in this area that the people decide.
I did move.
And they Vanilla let me get let the people decide but.
You guys have -- -- people decide and and you county is understate the finance authority I mean you guys have not manage the money very well so.
That this is -- -- cost taxpayers we've interviewed several people said these deals are great if you love sports do it that's a great reason to do it.
But don't try to sell this to the public as an economic plus we're really doesn't cost you anything it cost -- a lot.
Well let's talk about finance authority in this state -- control.
I do agree that the current administration has had many issues and fighting.
The state control when they could work with state control -- -- mistake I of course like to take -- -- bottom line this a new stadium taxes are gonna go up and who's going to wind up having to pay for it if the revenue does it falls short of finance in the bonds well wait a second that regardless of where the revenue grows and I made an amendment that the revenue.
You should go forward financing.
The new arena the referendum.
Creates a separate tax -- Which would pay the debt of 400 million dollars worth of debt.
People are being fast will you come up with 49 or 59 dollars.
Per property for thirty years to pay for a new arena and the minor -- of four point.
The state authority we'll see that if people vote for this they're creating a separate tax line which would pay -- this so the state authorities or decreases in.
At 49 dollars fifty dollars per property owner per year for thirty years wrote what I have they -- yes that is correct okay so that's what the voters are being -- threat to property taxes to pay this when there's really no.
Plus or minus economically right well -- are now.
-- -- -- They -- -- economically the plus economically would be.
Odd jobs and would be revenue that could be generated for business has a lot of -- -- candy.
General had wrapped up because a lot of goods and everybody but that is the argument that they likely are -- are here looking outside but we are at a time -- -- -- -- but the argument is that it creates jobs of course we did -- -- -- several people including Kevin Cassidy said.
These things never create jobs they can point to state and throughout the country.
Didn't have a positive impact other than if you love sports go for it.
-- And -- you're never gonna get me to say -- -- hockey OK so hot.
-- went -- -- thank you very much.
