New developer for Nassau Coliseum - FOX 10 News | myfoxphoenix.com

New developer for Nassau Coliseum

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NEW YORK (MYFOXNY) -

For renovating the aging, worn out Nassau Coliseum, the choice was between James Dolan's Madison Square Garden Company versus a company affiliated with Barclays Center developer Bruce Ratner.

Nassau County Executive Ed Mangano followed the unanimous recommendation of a county committee.

"I am pleased to announce that the Nassau Events Center LLC is the successful proposer to transform the 43-year-old Nassau Veterans Memorial Coliseum and plaza," Mangano said.

The plan from Nassau Events Center, run by Bruce Ratner, won by offering the county more money in rent over the course of the lease, for example.

Mangano said MSG offered $112 million while NEC offered $194 million. Mangano emphasized that no taxpayer money will be used. And instead of losing more than $2 million a year, the county, if all goes as planned, will make $2 million a year.

"We are ready to get to work to deliver a world-class Coliseum and a thriving sports, entertainment and retail center that long Island deserves," Ratner said in a statement.

Meantime, Dolan's MSG noted: "While we are disappointed with the County's decision, we are not at all surprised given the history of this project, and will be watching closely as this process moves to the county legislature."

Donald Monti, the CEO of the company set to transform the 77 acres next to the Coliseum, called the decision a victory for taxpayers, who, he said, will in a few years see a sporting venue, a retail campus and more.

Although the New York Islanders hockey team, which has played at the Coliseum since 1972, will be moving to Brooklyn' Barclays Center in 2015, the deal calls for the team to play a few games in the renovated Coliseum. The Brooklyn Nets, who also play at Barclays, will also play some games at the Coliseum.

If as expected the county legislature approves the plan, Ratner's NEC takes over the coliseum in two years through 2049.

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