Friday, 12 August 2011 00:00
Delia DeRiggi-Whitton raised some very legitimate concerns about the Republican effort to fund the Coliseum. She noted that there was no answer to the question of who would be responsible for cost overruns to the $400 million building proposal, particularly with recent history showing huge problems on the Cincinnati Stadium costs exceeding estimates. She also pointed out that Mr. Wang was quoted as saying that he was losing $20 million a year on the Islanders but that he intended to pay the rent from the profits he made on the team, and to include some sort of revenue sharing to further reduce the county’s costs. This, as Delia suggested, doesn’t make sense.
Delia also questioned the financial ability of the new corporation that Mr. Wang formed to be the tenant, lessee of the Coliseum, Arenco. It has no assets and no credit history.
These and other concerns raised by Delia were food for thought. On the other hand, her opponent was silent on the $400 million issue.