Support for the Islanders!? Vote Yes!
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07-13-2011, 10:16 PM
Join Date: Jul 2011
Originally Posted by
Not sure how residents of one the highest taxed counties in the US could vote yes to this. It sounds like a good idea, but will the taxpayers will likely flip the bill on this one. Enough is enough already. Wang has bazillions of dollars. If he doesn't feel that it would be wise to invest the money, why on earth should the taxpayers. If he thought it was guaranteed success, he wouldn't ask for a handout. He would take the profit to himself and run.
Unfortunately it isnt quite this simple... With the Lighthouse Project it was all going to be privately funded...however that was shot down by politics as usual. The thing is that there is risk involved, which noone can deny. There is, indeed, a greater risk to simply build only a colisseum. The thing was, when the lighthouse plan was in play, the risk was less for Wang because, even though he was paying, the additional revenue from other sources on the project would make the risk worthwhile. Without this extra development comes extra risk, which is why Wang probaly sees this deal as more of a wash (in terms of pure risk) with the lighthouse project since his initial investment is lower
Originally Posted by
Kind of Blue
The annual debt service will be $26 million. The county's 11.5% of the arena's revenue
cover that (with the possible exception of the first year, if you want to assume a "honeymoon period").
The tax increase to cover the debt is starting at $58. I've yet to find any guarantee that that $58 will be reduced when the arena revenues start coming in in year 3. It will be difficult to significantly reduce that because it is difficult to predict exactly how much revenue will be coming in (above the minimum $14 million that the Islanders have to pay).
If you havent yet had a chance to read this, take a quick glance at it (specifically page 4 where it lays out the numbers, maybe if it shows something it might change your mind. If you have seen this then I apologize in advance)
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