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Wednesday, July 27, 2011

Urging Yes on Islanders Referendum, With Hesitation

The Nassau County referendum next Monday August 1st to approve bond financing for a new Nassau Coliseum, considered necessary to keep the New York Islanders in Nassau County (or for that matter, in the New York City area altogether) deserves a "yes" vote despite obvious flaws in a yet-to-be-completed agreement.

The current deal puts taxpayers at risk of having to cover revenue shortfalls if the new arena fails to generate the amount of revenue currently anticipated.  I hope that issue can be better resolved -- whether at the negotiating table or through the efforts of the Nassau Interim Finance Agency which still must approve the deal, referendum or no, for the deeply financially distressed Nassau County.  

Vote yes, and here is why.  A "no" vote means the Islanders start preparing to leave Nassau and possibly, the tri-state metropolitan area.  A "yes" vote preserves the options for negotiations and legislative action to finally, ultimately protect taxpayers.

Eric Dixon is a New York lawyer with substantial experience negotiating complex financial transactions.  He is also a former Islanders season-ticket holder.  Mr. Dixon may be reached for consultation or comment at 917-696-2442 and edixon@NYBusinessCounsel.com.

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