Mangano's HUB Plan Garners Tremendous Support; Economists Project A $27 Profit Per Household
Would Create Thousands of Jobs and Stimulate Nassau’s Economy
Nassau County Executive Edward P. Mangano’s Economic Development and Job Creation Plan for the Hub has garnered the support of the Long Island Association (LIA); the Nassau Council of Chambers of Commerce, which represents over 40 chambers throughout Nassau County; Vision Long Island; the Long Island Convention and Visitor’s Bureau; the Long Island Council of Clergy; the Long Island Chapter of the New York Restaurant Association; and the Nassau County Independence Party. The plan includes the construction of a new sports arena, ballpark and indoor multi-purpose facility for conventions and track and field events that together creates a family-fun entertainment destination while creating thousands of jobs and stimulating Nassau’s economy.
“It’s very simple. Government services are funded through both sales tax revenue and property tax revenue,” said County Executive Mangano. “My Economic Development and Job Creation Plan will generate millions in additional sales tax revenue while helping me fulfill my pledge to hold the line on property taxes.”
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, “said County Executive Mangano. “That is about the price of one pizza. In addition, the $13.80 cap is $2.20 less than what would cost Nassau homeowners if the Coliseum were to close in 2015, which was estimated to be $16 as per Camoin.”
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.