Finally.
There’s not much to say more than this….except one thing. How will this bond be paid for?
One thing Newsday kind of glanced over was this issue. They wrote:
The $400-million debt service would be spread out over 30 years — the same length as a new lease between the county and the Islanders, which would be crafted after the referendum passes. The debt would be paid through revenue sharing between Wang and the county.
See that one line in there were Wang pays it back? This needs to be highlighted just a bit more. Charles Wang will be paying this bond back as well. He needs to receive more credit for this. After all is said and done, he still won’t own the building, but he will be paying down debt for it. The Coliseum is the Islanders home, but there are many other events in the building that bring revenue to this County. The fact that the Isles owner is putting this kind of stake in a public building is…well, unheard of.
It’s just more evidence of his commitment to Long Island and to the team.
The Islanders are streaming the press conference live on their website. I am planning on watching. I hope more media outlets pick up on this point.



