Referendum approaches on potential new Isles arena
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The residents of Nassau County will vote in a special election Aug. 1 on a $400 million referendum that would lead to construction of a new home for the New York Islanders.
If the referendum passes, it would be the first step toward the completion of a new arena for the Islanders to play in, as well as a minor-league baseball stadium nearby.
The plan, which has been endorsed by Islanders owner Charles Wang and Nassau County Executive Edward Mangano, would have the county borrow the $400 million through a general obligation bond.
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Newsday has estimated the bond would raise property taxes about $58 per household in Nassau County, while the county's Independent Office of Legislative Budget Review suggests it could be as minimal as $13.80 a year.
The next step if the referendum passes would be approval of the plan by the 19-member county legislature, with 13 votes needed to pass. Construction on a new arena is expected to begin in June of 2012.
Wang has been trying to find a new place for the Islanders to play instead of Nassau Veterans Memorial Coliseum, which opened in 1972.
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The team's lease with the building expires in 2015, and the current plan would be for the Islanders to move into the new arena at the start of the 2015-16 campaign.
The most prominent of Wang's plans was deemed "The Lighthouse Project," but the owner was unable to gain approval for the plan from the Town of Hempstead.
The project -- which would have been privately financed -- came with an estimated cost of $3.74 billion that included a refurbished Coliseum, a minor-league baseball stadium and various other housing, hotels and businesses in the area.