SBD/July 10, 2013/Facilities

MSG, Forest City Ratner Named As Finalists For Nassau Coliseum Overhaul

Nassau County Exec Edward Mangano yesterday named the Madison Square Garden Co. and Forest City Ratner "as finalists for a multimillion-dollar overhaul of Nassau Coliseum," according to Randi Marshall of NEWSDAY. Mangano "pushed back the deadline for a final decision until mid-August from July 15." Mangano said that he will use the two bidders' contracts with the county -- which "will legally bind the companies to their proposals' terms -- in making his final decision." Once the agreements are "finalized and Mangano picks the winning bidder, he will submit one contract to the county legislature, which must approve any final agreement." Mangano said that he "hopes the legislature could vote by late August or early September." Long Island developer Ed Blumenfeld, who had proposed a $180M development including a new Coliseum, yesterday said that he has "had discussions with" Forest City Ratner Chair & CEO Bruce Ratner "about whether to 'join forces.'" Blumenfeld said, "If it's going to happen, it's going to happen quickly." Mangano "decided to negotiate final contracts with both MSG and Ratner, rather than go the traditional route of announcing a single winner based on a standard 'term sheet' that is open to change." Mangano said the two "proposals are very competitive, so the decision-making will likely be in the details reflected in the contract" (NEWSDAY, 7/10).
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