Construction will soon began to transform the outdated Nassau Veterans Memorial Coliseum into a world-class sports-entertainment destination. The new venue will retain its history of honoring our veterans while sharing revenue with taxpayers, employing 2,700 people and providing $10 billion in economic benefit to Nassau County.
When complete, the Coliseum will host over 250 events annually, including six NY Islanders games, Brooklyn Nets games, NY Yankee Coaching Clinics, boxing, minor league hockey and college basketball – as well as star-studded concerts and family-fun entertainment. Whatever your taste, the Coliseum will have it and will host over 100 more events a year than in the past.
While there have been several news stories regarding this redevelopment, I want to share with you the following facts:
- $260 million in private investment from Bruce Ratner’s Nassau Events Center (NEC), LLC is being used to upgrade the 43-year old Coliseum. No tax dollars are being used to construct the Coliseum and retail project of Phase I.
- $194.5 million is the minimum guaranteed revenue the County will receiveduring the 34-year lease term with NEC. Simply put, the County will receive a minimum of 8% of gross revenue or $4.4 million annually, whichever is greater; plus $400,000 annually from the retail component or 8% of the gross, whichever is greater. Payments began pre-construction in August 2015 and will be used to help us keep County property taxes down.
- $3.7 million in annual sales taxes from the arena will be generated, along with an estimated $2.7 million in annual sales tax from new retail and entertainment surrounding the area.
- The Coliseum will continue to be owned by taxpayers.
The County sheds significant costs.
- NEC accepted all costs and responsibility for operating, insuring, maintaining and providing utilities for the Coliseum beginning on August 1, 2015. Utilities alone cost Nassau over $2 million last year.
- This agreement provides direct financial relief to taxpayers by eliminating millions of dollars in annual expenses for utilities, parking lot repairs and capital expenditures.
The Coliseum has always been tax exempt and will always be tax exempt during the lease. However, the retail development and future for-profit development will generate real property taxes or be subject to a PILOT that will provide revenue to the local municipalities. For the past 43 years, the 77-acres have not generated a single dollar in property taxes and now will.
The transformed Coliseum is only the beginning!
After completion, construction of a performing arts theatre, movie theatre, bowling alley and theme restaurants will take place on the plaza surrounding the arena. I look forward to sharing with you those plans, as well as a Phase II Research and Development Plan, for the site in the coming months.
If you have any suggestion or wish to share your thoughts on what you would like to see at the Coliseum property, email me at webmangano@ nassaucountyny.gov. I value your input.
Thank you again for allowing me to serve as your County Executive. If I can be of assistance, please contact my office at (516) 571-6000.
Edward P. Mangano
Nassau County Executive
Coliseum Redevelopment Timeline:
- 2015 NEC to begin transformation of Coliseum into world class arena.
- 2015 Town of Hempstead approves HUB Conceptual Master Plan.
- 2013 Mangano Selects Forest City Ratner Companies For Nassau Coliseum Redevelopment.
- 2011 A County-wide public referendum is held on August 1, 2011.
- 2010 County Executive Mangano proposes bringing the Shinnecock Indian Nation’s casino to the site as a means of financing construction of a new sports arena.
- 2009 The Town of Hempstead announces the development of a scaled back zone for the Coliseum site.
- 2007 Nassau County and the Lighthouse Development Group execute a Designated Developer Agreement granting development rights.
- 2005 Nassau County completes a Request for Proposal (RFP) process to develop the Coliseum site.
- 2004 NY Islanders owner Charles Wang and Nassau County reveal their plans for transforming the Coliseum and revitalizing the surrounding area.
- 2003 NY Islanders owner Charles Wang and Nassau County announce plans to finance the renovation of the existing Coliseum by developing the 77-acre site.