Wednesday, July 11, 2012

Jacobs Reveals A Plan Against Manganos RFQ

According to Newsday, Democratic Boss Jay Jacobs unveiled a proposal to build a new Coliseum using both private and County dollars.  (I guess he missed the vote last year that he campaigned against that people don't want to use County dollars for this)

The expected cost of the arena is 400 million dollars, he is suggesting that Wang pay 320 million and then Nassau County borrowing the remaining 80 million and repaying it over 30 years with the proceeds from the entertainment tax sold from each ticket at the Coliseum.  According to Jacobs, that currently generates 1.5 million for the general fund.  However, with increased attendance expected at the new arena that number goes up to 2.65 million. 

Jacobs came out with this because he feels as though Manganos latest plan will take to long and handcuff the Countys ability to negotiate with Wang.  For more, check out the link below:

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