|The Nassau Veterans Memorial ColiseumNY Islanders, Officials Announce Deal On New Arena
Posted: June 23, 2011
UNIONDALE, N.Y. (AP) -— Long Island's professional ice hockey team is one step closer to scoring a new arena.
Nassau County Executive Edward P. Mangano and New York Islanders owner Charles Wang announced a lease agreement that would keep the sports team on Long Island if voters approve the replacement of the team's aging coliseum. Construction costs for the stadium are estimated at $350 million.
The agreement announced Wednesday guarantees county taxpayers 11.5 percent of dollars generated at the new arena from all events, not just hockey-related ones.
The team's owner has hinted he could relocate the hockey team when his lease expires in 2015 and no new arena is built.
Mangano will host public hearings ahead of an Aug. 1 date vote on renovating the 39-year-old coliseum.