The New York Islanders are one step closer to getting a long-awaited new arena.
Nassau County Executive Edward P. Mangano and Islanders owner Charles Wang announced a lease agreement that would keep the NHL team on Long Island if voters approve the replacement of the aging Nassau Coliseum in an Aug. 1 vote. Construction costs for the arena are estimated at $350 million US.
The agreement announced Wednesday guarantees county taxpayers 11.5 per cent of dollars generated at the new arena from all events, not just hockey-related ones.
Wang has hinted that the Islanders could leave Long Island when the club's lease expires in 2015 if a new arena isn't built.
Mangano will host public hearings ahead of the upcoming vote on renovating the 39-year-old Coliseum.