Report Minimizes Risk to $13.80 per Household
Nassau County Executive Edward P. Mangano is pleased that the independent Office of Legislative Budget Review (OLBR) has issued a report that recognizes the minimum payment due from the operator reducing taxpayer risk to $13.80 annually per household.
The New York Islanders have guaranteed that their lease will provide $14 million, at minimum, to Nassau County. Since this agreement has been made, the risk has decreased from $58 per household as originally reported, to the $13.80 annually that it is now.
According to Camoin Associates, a nationally recognized firm in public and private sector economic development, Nassau County will make $400 million on the lease and create 3,000 permanent jobs. Camoin further reports that if the Coliseum closes, it could cost taxpayers over $243 million per year.
“To keep the economic development plan in perspective, on August 1st residents will have the opportunity to decide whether to risk what equates to the cost of one pizza pie a year or a cup of coffee each month to create 3,000 jobs and bring a state-of the-art arena and ballpark to Nassau County,” Mangano stated. “This plan presents an opportunity to invest in our community, create jobs, hold the line on property taxes and build a world class sports entertainment destination to jump start our economy. The risks associated with this plan have been minimized and the rewards of job creation, new revenue and an increased quality of life are significant.”
Residents can view all of reports conducted at www.nassaucountyny.gov/hub.