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Mostly Cloudy Suozzi, Wang agree on lease terms
On Thursday, County Executive Thomas Suozzi and Lighthouse master developer Charles Wang released details on a proposed lease agreement for the county-owned Nassau Veterans Memorial Coliseum and the 77-acre parking lot that surrounds it.
The 99-year lease would provide a significant amount of land for the privately funded, $3.7 billion Lighthouse project, a proposal that would include the renovation of the Coliseum and surround it with an array of additions including a new convention center, a five-star hotel, residential complexes and space for office, retail businesses and restaurants.
The agreement, which requires approval by the county Legislature, also includes an extension of the Islanders’ lease until 2030. The Islanders current lease with the county at the Coliseum expires in 2015.
Suozzi said that the county, which currently loses money on the Coliseum, would receive $1.5 million a year from the developers in addition to generated tax revenue.
For the Lighthouse developers, finalizing a lease is only one of three crucial steps that remain in the approval process. The Lighthouse Development Group still seeks environmental and zoning approvals by the Town of Hempstead.
Wang has asked the town to give him a "yes" or "no" answer to the project by Oct. 3, which is Saturday.
Read www.liherald.com for updates, and next week's print edition of the Herald.
Updated: 2:55p.m., 10/1/09
