Mangano Announces Coliseum Lease Agreement

Nassau County Executive Edward P. Mangano announces an important step in creating a state-of-the-art sports-entertainment destination center at the Hub in Nassau County. Joined by New York Islanders owner Charles Wang, County Executive Mangano announced that the County has reached a lease agreement that retains Long Island's only major professional sports team in Nassau County through 2045 should residents approve building a new arena at the site of Nassau Veterans Memorial Coliseum. According to an independent economic impact analysis conducted by Camoin Associates, a nationally recognized firm in public and private sector economic development, the agreement will generate $1.2 billion. This revenue will be used to pay off the $350 million in construction costs associated with the new arena, $433 million in debt service payments and provide an additional $403 million for the County to hold the line on property taxes. Furthermore, Camoin Associates estimates the creation of 1,515 new jobs during the arena construction phase and the creation of 3,040 permanent jobs beginning in the first year the arena is operational.

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