UNIONDALE - The oversight agency in charge of Nassau's finances is warning that plans to build a new Coliseum could cost double the expected price.

The Nassau Interim Finance Authority (NIFA) says Nassau's plan to borrow $400 million to finance the project could amount to a 4-percent tax hike for residents. The agency says it could actually cost taxpayers $800 million to build the arena and pay off the debt.

The agency also rejected the county's revised budget yesterday. It says a massive budget gap remains that could balloon to more than $200 million by the end of next year.

NIFA says it will wait until Nassau residents vote on the Coliseum project Aug. 1 before officially reviewing the plan and making a final decision.

Questions arise over vote for new Coliseum