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NetLogic - August 3, 2011 reply

So in conclusion

nobody should build stadiums or arenas? really?

nets14 - August 2, 2011 reply

No, the situation's much different

You can’t compare development policy in NYC and what passes for development policy in Nassau. You have a large population in Nassau (700,000+), but a much smaller revenue base—mostly property taxes; you can’t compare that to the mix of revenues NYC brings in. In NYC, because of the city’s problems and challenges, you have to always look forward and plan for the future (short/med/longterm), whereas Nassau remains stuck in a 1950s mindset that wishes to preserve its “suburban flavor” (which, to me, is a pejorative thing to say, plus ignorant, futile, etc.). Plus, the planning and zoning is more streamlined in NYC than in Nassau, with its county/town power grabs. Sure, it’s bad if you’re in the way of NYC’s plans, but nothing ever gets approved or done in Nassau, taking forever for every final decision. Not to mention how crooked and self-serving Nassau’s local pols are—simply laughable. NYC’s bond rating is much higher than Nassau’s (esp as Nassau’s finances have been taken over by an oversight committee), and can command better bond ratings. Bottom line: NYC gets stuff done, and overcomes opposition, and Nassau’s dysfunctional and is nothing but opposition (see: the Lighthouse Project, Jones Beach wind farms, LIRR extensions, light rail, etc.).

Yes, fans said that they didn’t want to pay for it, but I blame Mangano for that. The debt financing is estimated to cost $58 per household per year, but Wang will pay $14 mill / year towards that plus 11.5% of all Coliseum revenues; what’s problematic is that Mangano didn’t specify that those funds will go specifically to service the debt, so there there is a chance (very real, IMO) that the funds can be used for services, paying other debt, etc., and not the debt payments. If put towards the debt servicing, Wang’s $14 mill / year would bring the per household hit to $14.80 per year, which is nothing for the economic benefits and recreational opportunities it would bring, and the 11.4% on all revenues (concessions, parking, merchandise) for concerts and games and whatnot would probably turn a profit for the county on the deal. Blame the drafters, or blame Mangano’s poor smokescreen, or blame the Dems for refusing to work to improve the deal. Instead of working to approve the project and add provisions that Wang’s revenues would go to debt servicing, the Dems just killed the project. Tit for tat.

As for Wang doing the financing by himself, privately: private financing would entail interest rates much higher than public, and would not be cost effective for just a stadium, nevermind a stadium that he wouldn’t ultimately own—-but lease the land and building from Nassau. He may have assets over a billion, but he’s lost $230 mill already on the team and efforts for a new Coliseum, and there is a limit to what he could afford. Private financing could only be done with more revenue generators—which is what the Lighthouse Project provided, but the TOH Repubs refused to work fairly on that and zoned the area for much smaller (and less economically viable) development. A Dem drove the Lighthouse, so the Repubs killed that. Tit for tat.

Yes, Isles attendance is low due to poor play. They are a few years into a rebuild, having made the playoffs in the early/mid 2000s and filled the barn. But a crappy venue and that uncertainty stops top free agents from even considering signing here, which hampers winning and development, which in turns hurts attendance. But there is a sizable fan base throughout Nassau, Suffolk, and Queens, and with lots of the Long Island-born diaspora that hasn’t returned after college.

brother_rat - August 3, 2011 reply