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Wednesday, September 30, 2009

Isles lease until 2030

It doesn't mean anything until TOH approves it, but the County is entering into a lease agreement that would keep the Isles here until at least 2030.

What is not mentioned is whether there is any kind of language that would allow the Isles to terminate the current lease earlier than 2015 if Ms.. Murray et al. don't grant the necessary approvals.

<<New lease for Lighthouse at Nassau Coliseum
Wed, Sep 30, 2009

Nassau County Executive Tom Suozzi will join Charles Wang and Scott Rechler of the Lighthouse Development Group Thursday to announce an agreement to enter into a "sports-based transaction" and ground lease for 77 acres at the Nassau Coliseum in Uniondale.
The deal includes an extension of the New York Islanders' commitment to play at the Coliseum through July 31, 2030, according to a statement from the county. It also provides the land for the developers' $3.7 billion mixed-use community now awaiting approvals from the Town of Hempstead.

Hempstead Supervisor Kate Murray had asked Wang for a long-term commitment to keep the Islanders here, which may be a motivating factor for signing the new lease.

County spokesman Bruce Nyman said the legislature can't act on the new lease until Hempstead approves the zoning for the Lighthouse project.

"We simply wanted to be prepared," Nyman said. "The minute the town drops the puck, we want to have our sticks ready."
Under the existing lease with Spectacor Management Group, Nassau maintains the building but allows SMG to keep most of the concession and parking revenues. The original 30-year lease for the Coliseum was signed in 1979. In 1986, the lease agreement was extended until July, 31, 2015.


 Forever1940 is the nom de plume of Eric Hornick, statistician on Islander home telecasts since 1982. Visit my blog: forever1940.blogspot.com and follow me on Twitter @ehornick

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