Nassau County Executive Ed Mangano Chooses Forest City Ratner Companies to Redevelop Nassau Coliseum
The future of Nassau Coliseum after the Islanders lease expires in 2015 has been decided by Nassau County Executive Ed Mangano. In a press conference on Thursday morning in Mineola, the County Executive announced that Forest City Ratner Companies has been chosen to redevelop the Coliseum. At the press conference, Mangano said "This plan gives us a clear road to success ... the proposal has zero expense for the taxpayer. We share in the revenue, and not the expense."
Forest City Ratner Companies is led by Bruce Ratner who built the Barclays Center where the Islanders will move to in 2015. They beat out Madison Sqaure Garden Company in what Mangano said they competed in a challenging process resulting in the submission of two excellent proposals. Final proposals for the 63-acre property in Uniondale were submitted on August 9th. "Long Island deserves a venue worthy of the third-largest city in the country," said Arthur Katz, president of the Uniondale Chamber of Commerce in an interview with crainsnewyork.com earlier this month, noting that the combined population of Nassau and Suffolk counties is nearly 3 million.
According to Mangano, “NEC will invest a minimum of $229 Million in renovating the Coliseum and the Plaza to create a first class destination. During the initial 34 year lease term, Nassau County will receive 8% of gross revenue, 12.75% of parking fees with a minimum guaranteed payment of $4 Million a year escalating by 10% every five years, resulting in a minimum lease term payment of $195 Million to the County. With options exercised, the minimum lease payment grows to $334 Million. Similarly, the Plaza area, now concrete, will be transformed and will generate the greater of $400,000 a year in rent or 8% of the gross revenue. In addition, Nassau County maintains rights for future development on the site.” Bruce Ratner has promised to host 300 events a year in the Coliseum which includes hosting 6 Islanders home games a year. To see the full details of Ratner’s plan click here to find out all the information courtesy of Newsday.
So Islanders fans, with this announcement it means Nassau Coliseum may still remain a home venue for the team even once the move to Brooklyn occurs. There is more work to be done to make this possible with approval from the NHL. But for now, the decision to choose Forest City Enterprises as the developer of the Nassau Coliseum was a great one for Islanders fans and Long Islanders to hear. (Photo Credit- Capwell/Flickr)
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