UNIONDALE - County Executive Ed Mangano (R-Nassau) today announced his Nassau Coliseum lease plan which he says will bring the county millions in its first year alone.
Click 'NEXT' for more on the plan to keep the Islanders in Nassau.
The plan would lease the Coliseum and the surrounding 77 acres of land to Islanders owner Charles Wang until 2045.
As News 12 Long island has reported, the redevelopment of the arena would cost taxpayers about $58 a year. However, according to the economic analysis presented today, the money would be more than made up.
Under the agreement with Wang, Nassau County would get 11.5 percent of all the revenue generated by the new Coliseum, from Islanders tickets to parking fees.
Mangano says that would bring in $28 million to the county in the first year alone, surpassing the cost of constructing the new arena.
If projections fall short, the Islanders owner would have to pay the county a minimum of $14 million a year. However, analysis shows that profits would be in the hundreds of millions.
Mangano will host a series of public information meetings next week on the Coliseum project. Taxpayers are scheduled to vote on the redevelopment Aug. 1.
For a news conference on the new plan for Nassau Coliseum, go to your digital cable box and select iO Extra on Ch. 612.
Sources: Tentative deal reached for Coliseum redevelopmentReport: Projected cost for new Isles home risingLegislators to let residents vote on fate of Nassau Coliseum