Nassau comptroller voices concerns over Coliseum plan

Nassau County Comptroller George Maragos outlined some of his concerns today about the $400 million plan to build a new Nassau Coliseum and redevelop the

UNIONDALE - Nassau County Comptroller George Maragos outlined some of his concerns today about the $400 million plan to build a new Nassau Coliseum and redevelop the land around it, focusing on the tenant who would be leasing the land.Chief among Maragos' concerns is the fact that the tenant is Arenaco LLC, a newly formed corporation, instead of Islanders owner Charles Wang. The comptroller wonders what will happen if construction costs go over budget, or if Arenaco goes under. "Arenaco, as tenant, has neither the assets nor credit history to stand behind its commitments," Maragos wrote in his analysis. Another concern is who will control the 77 acres surrounding the arena. Currently, Maragos says the tenant, Arenaco, can approve or disapprove of any future development, but he says the county should be the only one deciding what else gets built there. In a statement, County Executive Ed Mangano (R-Nassau) said that Maragos' "recommendations are already being negotiated by the county to further protect our residents." Taxpayers will get their chance to vote on the project Aug. 1.

Nassau Coliseum public meetings schedule

Report: Coliseum closure would have chilling effect on economyReport: Revenue from new Coliseum to fall shortNew questions surface about Coliseum plan

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