NIFA Statement – October 9, 2013 – The Nassau Events Center – By George J. Marlin
George J. Marlin
Nassau Interim Finance Authority
Wednesday, October 9, 2013
The Nassau Events Center
I am skeptical of a deal of this proportion when:
• The Party to the agreement is a shell corporation with no assets;
• The agreement is subject to financing that the shell corporation does not possess;
• The agreement is subject to numerous other conditions.
(Frankly, I doubt the conditions of the agreement will ever be met and I expect that in a year to eighteen months the shell corporation will try to renegotiate.)
Nevertheless, I would like to note that although we have decided that the particular structure of the coliseum redevelopment documents does not require our contract approval, we reserve our right to examine and consider any other contracts related or ancillary to the coliseum. We are not giving a blank check. And the decision that the current documents do not need our approval should in no way be construed or expanded to imply that we will hesitate to interject whenever we believe a commitment by the County constitutes a contract requiring our review under our statute which gives broad power to oversee contracts impacting the County’s finances.