Kevin SchultzIt’s not exactly Islanders related, but around these parts we tend to cover what’s going on with the local arenas quite closely and this is a follow up to one of those stories. Over the summer, as both Forest City Ratner and Madison Square Garden were vying for the rights to develop the Nassau Coliseum, we spotlighted the breaks that both entities receive through various mediums (all legal! even if you don’t like them. It’s corporate America, everyone!).
Here’s a flashback to that article, written August 8th:
So, you know how lawmakers voted 49-1 to extend the operating permit 10 years and not in perpetuity? Well, in New York City they’re doubling down on their anti-MSG proposals and attempting to end the tax break that MSG recieves. That break is $15 million a year because they don’t pay property taxes.
We’re honestly not plugged into NYC politics enough to know how serious the attempts to end the lease are but here’s what’s happening, per CBS:
“We need the revenue we have lost through granting these tax breaks for health care; for poor people; for all sorts of things,” Rosenthal said. “Meanwhile, the rich get richer, and they can get rich on their own.”
While the bill does have sponsors in both the New York State Senate and Assembly, it may meet opposition from Governor Cuomo who spoke out against it in April.
In that same April article Assembly Speaker Sheldon Silver (D) also spoke out against it telling the Daily News that “the deal is to encourage development.”
Because obviously there wouldn’t be a sports arena in New York City without it.