Nassau gets final plans for Coliseum redevelopment

The process for selecting a developer to overhaul the Nassau Coliseum has reached its final stage.

Madison Square Garden Co. and Forest City Ratner Cos., the finalists in the multimillion-dollar arena overhaul, submitted signed contracts outlining their final proposals to Nassau County Executive Edward Mangano Friday, said county spokesman Brian Nevin.

A committee composed of county employees will now review the contracts -- and the percentage of revenue going to Nassau -- and make a recommendation to Mangano by next week.

Mangano and the two bidders declined to discuss the contract proposals, although MSG said in a statement that its plan "will achieve a bold reimagining of the Nassau Coliseum site as a thriving, 365-day-a-year destination." Forest City Ratner declined to comment.

Once the winning bidder is chosen, Mangano will submit the contract to the Nassau County Legislature, which must approve the final agreement.

Forest City Ratner's $229 million proposal calls for a renovated 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 plan calls for a renovated 14,500-seat arena, an outdoor entertainment complex with restaurants, an Islanders-themed sports bar, bowling and billiards.

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Each of the proposals will be privately financed.

The Dolan family owns

a controlling interest in MSG and Cablevision, which owns Newsday.