At the hearing today, Deputy County Executive Robert Walker was the first person to speak and he spoke for upwards of 90 minutes. One of the points he stressed was that the Coliseum would be 100% privately financed. However subsequent speakers said the ROI (Return On Investment) on such an investment wouldn't be great enough for a developer to actually take something like that on so some sort of public element would be needed.
They said that the state could pay that part, however Kevin Law who is the Co President of the organization who handles that which was created by Governor Cuomo said the biggest award issued last year to a single place was 6 million dollars. Now 6 million dollars is a lot of money, but no where near the amount that would put even a small dent in something like this.
Both Walker and Mike Picker said that talks were ongoing between the County and the Islanders, and I have a feeling this is something being talked about because they have two totally different views on this and beside getting the approvals this is the most important thing so your not going to go anywhere without it.
February 15, 2012
A Great Article on Today's Meeting
Below is just a small sample of the article from savetheisles.blogspot.com I recommend that you read the rest.