Long Island Convention And Visitor's Bureau Endorses Economic Development & Job Creation Plan For Nassau's HUB
Nassau County Executive Edward P. Mangano today joined the Long Island Convention and Visitor’s Bureau Executive Board and President Moke McGowan as they announced their support of the County Executive’s plans for a state-of-the-art sports-entertainment destination center at Nassau’s Hub. The plan includes the construction of a new sports arena, minor league ballpark and indoor multi-purpose facility for conventions and track and field events.
“Obviously our Board recognizes the importance of redeveloping the Coliseum into a world-class multi-functional facility that allows for expanded use from sporting events to corporate meetings and conventions while also serving as major entertainment venue,” said Moke McGowan. “Nassau County and all of Long Island has been in desperate need of a development like this to give a major boost to our tourism economy. But it will not only benefit tourism but will provide local residents with affordable and quality entertainment options.”
“The support of the Long Island Convention and Visitors Bureau shows just how significant the redevelopment of the Nassau Coliseum is to our residents and businesses,” said County Executive Mangano. “As Long Island’s official tourism promotion agency, the Long Island Convention and Visitors Bureau knows what will bring people to Nassau County: the creation of a sports-entertainment destination. This project will generate much needed revenue for our local businesses, put our residents back to work, and make Nassau Countya destination for sporting events, tourism, and conventions.”
According to an independent economic impact analysis conducted by Camoin Associates, a nationally recognized firm in public and private sector economic development, the construction of a new arena will generate a profit of $27 per household for Nassau residents. These earnings are based on a revenue-sharing agreement negotiated between Nassau County and Arenaco, in which Arenaco would provide Nassau County with 11.5% of every dollar spent at the new arena, or $14 million, whichever is more. Furthermore, Camoin Associates estimates the construction of a new arena will create 1,515 construction jobs and 3,040 permanent jobs.
The Nassau County Independent Office of Budget Review has estimated that $13.80 is the maximum cost per household for the construction of a new arena - $2.20 less than what would cost Nassau homeowners if the Coliseum were to close in 2015. According to Camoin Associates, Nassau County taxpayers would face an annual increase in property taxes of $16 per household should the Coliseum doors shutter in 2015 when the New York Islanders’ lease expires. Camoin Associates also estimates the loss of 2,660 jobs in Nassau County, for a total of $104 million in annual earnings. This would mean the County would lose sales tax, hotel tax and entertainment tax revenues of $7.8 million, which amounts to a cumulative revenue loss of $233 million for the County over the same 30-year time period.