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Mangano’s Economic Development & Job Creation Plan Takes Center Stage

MANGANO'S ECONOMIC DEVELOPMENT & JOB CREATION PLAN TAKES CENTER STAGE

Hundreds Attend Rally To Show Support Prior to Legislative Hearing

Nassau County Executive Edward P. Mangano was today joined by hundreds of trades union workers on the steps of the Theodore Roosevelt Executive and Legislative Building to rally in support of an Economic Development and Job Creation Plan for Nassau's Hub. The rally, coordinated by local trades unions and Islander fans, was held to show public support for Mangano’s plan prior to today's County Legislative hearing where County Executive Mangano gave testimony outlining his economic development and job creation plan. Later this month, the County Legislature is expected to vote on legislation that would allow residents to approve County Executive Mangano’s Economic Development and Job Creation Plan during a public referendum to be held on August 1, 2011.

“The growing support for my economic development and job creation plan is overwhelming,” said County Executive Mangano. “Each day, more and more residents seem to support my plan and agree that it is critical to creating jobs in our County and stimulating the local economy. I thank our residents for their support and urge the County Legislature to pass the legislation needed to ensure a public referendum take place on August 1st.”

Earlier this month, County Executive Mangano joined with New York Islanders owner Charles Wang, Hempstead Town Supervisor Kate Murray, and other business, community and labor leaders in announcing a major Economic Development and Job Creation Plan. This includes building a world-class sports-entertainment destination center in the heart of Nassau County including a new sports arena and a minor league ballpark.

Given the local economy and prior failed attempts at redevelopment, County Executive Mangano is putting the question of a new sports arena and minor league ballpark to the people. Citizens will have the opportunity to have their voices heard by deciding the fate of this Economic Development and Job Creation Plan during a County-wide public referendum on August 1, 2011. At the same time, voters will decide the fate of the New York Islanders, Long Island’s only professional sports team, who face the potential of having to leave Nassau County in 2015 when their lease expires should a new sports arena not be built. Should residents approve the measure, construction is estimated to begin in 2012, so that the new sports arena can open no later than 2015. The Islanders have stated that they will remain in Nassau County through 2045 should a new sports arena be built.

The referendum asks residents if they would like to partner with the County, Islanders and minor league ballpark by providing the financing for capital improvements to the Hub. In return, the Islanders and ballpark operator will compensate residents by paying the County a share of each dollar generated at the new sports facilities. All contracts to operate County-owned facilities in the Hub will require operators to compensate the County. This revenue sharing payment requirement, coupled with increased sales tax and ticket tax generated from the new facilities, will produce revenue that exceeds the financing required to construct the job generating improvements and establishment of a world-class sports-entertainment destination center. In short, this plan requires private sector operators to compensate the County the costs of financing the plan and ensures that both sports facilities are owned by residents.