The first seats at The New Nassau Veterans Memorial Coliseum presented by New York Community Bank were unveiled earlier this week.
Joining the Nassau Executive Edward Mangano were Maryann and Joe Campanelli, of Plainview, along with their children, who were the first ticket holders to take a seat. The Campanellis are members of the Long Island All Access Pass program and will have tickets to the designated seats for all events at the Coliseum beginning with Billy Joel’s venue opening show on April 5.
“Great progress has been made toward transforming the Coliseum into a world-class arena,” Mangano stated. “Much of the old has been removed and significant upgrades have been made, including the installation of new seats which were manufactured in the USA. The Coliseum will be a great modern entertainment venue for Long Islanders and has already attracted world-class acts, including Billy Joel, Mariah Carey and Lionel Richie, Marc Anthony, Bruno Mars and Stevie Nicks.”
The Coliseum’s new seating, manufactured by Irwin Seating Company at their Grand Rapids, Michigan manufacturing plant, utilizes high-tech fabric designed specifically for arena use, providing both comfort and durability. The venue’s seating will also provide generous legroom.
The Coliseum renovation began Nov. 5, 2015. The new venue will retain its history of honoring our veterans while sharing revenue with taxpayers. When complete, the Coliseum is expected to host hundreds of events annually. The $260 million projected is funded entirely by private investment from Nassau Events Center, LLC.
Under terms of the contract, Nassau taxpayers will receive minimum guaranteed revenue of $194.5 million during the 34-year lease term with NEC. Simply put, Nassau will receive a minimum of 8 percent of gross revenue or $4 million annually, whichever is greater; plus $400,000 annually from the retail component or 8 percent of the gross, whichever is greater. Payments began pre-construction in August 2015 and will be used to help the Mangano administration keep property taxes down. Economists project $3.7 million in annual sales taxes from the arena will be generated, along with an estimated $2.7 million in annual sales tax from new retail and entertainment surrounding the area. The Coliseum will continue to be owned by the taxpayers and Nassau sheds $2 million in costs related to utilities, repairs and other capital expenses.
In addition to the transformed arena, the property will serve as home to a new Memorial Sloan Kettering Cancer Center and future technology in the planned research center.