At first look the plan to rebuild the Nassau County Veterans Memorial Coliseum looks like a good deal for everyone involved, including the Nassau County taxpayer.
Unless the arena is rebuilt, there is a good chance that the county will lose the Islanders. That would result in a loss of jobs and the revenue the team generates.
Hempstead Town Supervisor Kate Murray and Nassau County Executive Edward Mangano want the county taxpayers to put up $400 million for the project. Of this, $350 million will go towards renovating the arena and $50 million will go towards the building of a minor league ball park. In return the Islanders would pay the county part of every dollar the arena generates.
“Our intention here,” said Mangano, “is to not have it cost the taxpayer a single dime. The revenue from these facilities will be dedicated back to the community.”
Much as we would like to see the arena rebuilt, we note that the pathway to hell is paved with good intentions. Before the people of Nassau County are asked to vote on this massive project in a referendum on August 1, the county needs to show evidence that the numbers work.
We are particularly alarmed that Mangano and other county leaders did not discuss the proposal in advance with the Nassau County Interim Finance Authority.
In a statement released last week NIFA said it is “deeply concerned about the…proposal and its fiscal implications for the county. There was no consultation with NIFA regarding this.”
NIFA was given oversight of the county’s finances earlier this year when the county was unable to produce a balanced budget. It is unthinkable that Mangano could propose spending $400 million without discussing the proposal in advance with NIFA.
It’s time that Mangano stop pretending that NIFA doesn’t exist. As unpleasant as it may be, the county leaders must work with NIFA until the county is back on sound financial footing. We believe that voters of Nassau County want to save the coliseum, even if they have never attended a hockey game. But they want the job done right.
A Blank Slate Media Editorial
