Eddie Money performs during the 2010 Long Island Music Hall...

Eddie Money performs during the 2010 Long Island Music Hall of Fame induction ceremony and gala at Oheka Castle in Huntington. (Nov. 16, 2010) Credit: Newsday/Thomas A. Ferrara

More than seven years after it was born as a concept, the Long Island Music Hall of Fame will finally have its own home -- the historic First National Bank building in Port Jefferson.

Brookhaven's town board has unanimously approved an agreement that allows the hall to operate a museum and education center in the century-old bank building on the corner of Main and East Main streets.

The agreement allows the nonprofit hall to develop the building into an interactive museum with exhibits, classrooms and a performance area, all focused on the Island's music heritage, said Jim Faith, chairman of the hall's board of directors.

Faith promised "exhibits about Long Island musicians from 100 years ago to today, with information about where they came from and what they've accomplished."

The agreement allows the hall to use the town-owned building for at least 15 years at a cost of only $10 for the duration. In exchange for the nominal fee, the Hall of Fame is responsible for all operating and renovation costs, town officials said.

Renovations to begin soon could take a year, but the museum could also open in a few months, during construction, Faith said.

The Hall of Fame, which currently exists only as a website, inducts artists with ties to Nassau and Suffolk counties, as well as Brooklyn and Queens.

Current members include singing legend Tony Bennett, who was born in Astoria; rocker Joan Jett, who lived for a time in Long Beach; and jazz giant John Coltrane, whose former Dix Hills home is on the National Register of Historic Places.

The Port Jefferson bank building, which once served as Brookhaven's tax receiver's office, is also on the NRHP. The building will be a "brilliant setting" for the museum, said Councilman Steve Fiore-Rosenfeld, who represents the area.

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LI man pleads guilty in missing girl case ... Huntington Cinema Arts Centre co-director fired ... First day of school ... Labor Day travel

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