MINEOLA - Nassau County Executive Ed Mangano announced Thursday that Forest City Ratner's group, Nassau Events Center, or NEC, has been chosen to redevelop Nassau Coliseum and the 77 acres surrounding it.

Forest City Ratner, the developer behind the Barclays Center, submitted a $229 million proposal. The plan calls for a renovated 13,000-seat arena, outdoor amphitheater, restaurants, ice skating rink and a bowling alley or movie theater.

Mangano said NEC's plan will pay $4.4 million in rent a year. The figure was higher than MSG's proposal. Mangano also stated that over the course of the 34-year lease, the county could make up to $334 million.

As for the Islanders, Mangano says they will play up to six games in the new arena.

Meanwhile, MSG's $250 million plan that included a renovated 14,500-seat arena and an entertainment complex was rejected by Mangano. The county executive said both companies had compelling proposals, and both showed great managerial capacity and expertise to execute meaningful development.

However, the NEC has agreed to accept all costs and responsibilities for operating, insuring and maintaining the Coliseum beginning August 1, 2015. NEC has also agreed to pay rent during the pre-construction approval period.

The completion of the new Coliseum could take up to two years, pending Legislature approval of the plan.

Mangano is set to provide additional details on Friday. 

For Exec. Mangano's extended remarks on the announcement, watch the clip to the left or click News 12 Extra on Optimum TV channel 612.