The near decade-long saga to build a new home for the New York Islanders may hit another speed bump.
The Nassau Interim Finance Authority on Wednesday said it was "deeply concerned" with the latest proposal to redevelop the area surrounding the Nassau Coliseum.
Earlier Wednesday at a press event, Nassau County Executive Ed Mangano said he wanted taxpayers to vote in favor of $400 million in bonds to pay for a new arena.
The referendum on the bond issuance takes place Aug. 1.
Members of NIFA, the state oversight board charged with reviewing the county's finances, said they had no idea Mangano planned to pitch a bond to pay for a new sports stadium.
“NIFA requires details of this new plan, which must be evaluated in the context of the county’s fiscal crisis, the wage freeze on county employees and the reductions in services to county residents,” the statement said, urging “greater coordination” between the board and the county.
The six-member oversight board must approve all borrowing for the county, including the proposed $400 million if voters grant authorization.
NIFA chairman Ronald Stack could not be reached for comment.
Nassau Legislative Minority Leader Diane Yatauro, D-Glen Cove, called for NIFA’s input, saying in a statement that she “would like to hear from our new financial partners on this vital issue” so as to “fully address the impact of an additional $400 million in borrowing to construct the proposed sports center.”
Mangano said the Islanders would pay the county back through revenue earned at the new coliseum.
