Nassau County Executive Tom Suozzi said no taxpayer money would be used to build the facility. The Islanders’ arena, the Veterans Memorial Coliseum, will cost $320 million to overhaul, and the team will pay £1.5 million per year in rent, increasing with inflation.
The deal will keep the team in Nassau County, which lies east of New York City, until July 31, 2030.
The arena will be part of a complex that will include 1 million square feet of offices and 2,300 condominiums, lofts and townhouses. The project will generate about 75,000 construction jobs over the eight to 10 years, and eventually create about 19,000 permanent jobs.
