Nassau County Executive Ed Mangano selected Forest City Ratner to redevelop the aging Nassau Coliseum during a news conference late this morning.
During an interview with CJ Papa on 77 WABC Mangano explained why Ranter was named the winning bidder.
“Well both Forest City Ratner and MSG produced excellent proposals and were very competitive on almost every point,” Mangano said during the interview. “Except when it came to the financial benefit for the taxpayers of Nassau County. Forest City Ratner provided the best proposal. Nassau County residents will share in a percentage of the gross income while shedding all expenses associated with the coliseum.”
Ratner will pay the county eight percent of all annual revenue generated by the new arena. The county will also get 12.75 percent from parking and will receive a minimum of $4 million a year, with the county expecting to get $334 million from the project over the next 49 years.
With a developer picked, the next step is for the county legislature, and then the Town of Hempstead to review and approve the plan.
“We will deliver the executed contract to the legislature for their approval, which is expected sometime in September,” Mangano said. “And then they will move on to the Town of Hempstead for site plan review. On August 1, 2015 they should be ready to put a shovel in the ground and build us a first class arena.”
The latest development in the Nassau Coliseum saga was good news for Islander fans, something county executive seemed to understand during the interview.
“Certainly from the Islander fans perspective this is good news. It keeps the Islanders here, it provides hope for the future,” he said. “But at the same time both MSG and Forest City Ratner did provide some good programming. We are thrilled about keeping the Islanders here in Nassau County.”