Firms to submit signed contracts for Coliseum project
Nassau County Executive Edward Mangano pushed back the deadline for a final decision on Nassau Coliseum until mid-August from July 15, giving the firms time to negotiate and execute contracts that will contain their final offers for the project. (Oct. 25, 2011) Credit: Jim McIsaac
The finalists to overhaul the Nassau Coliseum and its surrounding property will submit signed contracts to Nassau County Friday, setting the stage for County Executive Edward Mangano to pick a winner as early as next week.
The finalists are the Madison Square Garden Co. and Forest City Ratner Cos.
The contracts, which will include the percentage of annual revenue the county will receive, will be examined by a review committee composed of county engineers, public works officials and finance experts, said Mangano spokesman Brian Nevin.
The committee, Nevin said, is expected to make its final recommendation to Mangano late next week. While their suggestion is not binding, Nevin said, it would be uncommon for the county executive not to follow the committee's choice.
"The county looks forward to reviewing final signed contracts and selecting a bidder that will refresh the Coliseum so that it serves as a true sports-entertainment destination for generations to come," Mangano said.
The county's Business Advisory Council, a group composed of local business leaders, will not be involved in selecting the winner, but did play a role in determining the criteria to evaluate the proposals, Nevin said.
Once the winning bidder is chosen, Mangano will submit the contract to the county legislature, which must approve any final agreement. Mangano has said he hopes the legislature could vote by early September.
Forest City Ratner's $229 million plan calls for a 13,000-seat arena, a 2,000-seat indoor theater, an outdoor amphitheater, restaurants, an ice-skating rink, a movie theater and retail space.
MSG's $250 million proposal calls for a 14,500-seat arena, an outdoor entertainment complex with restaurants, an Islanders-themed sports bar, bowling and billiards.
The New York Islanders, which have played their home games at the Coliseum for the past four decades, are scheduled to move to the Barclays Center in Brooklyn 2015.
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