Nassau County Executive Thomas R. Suozzi has signed a Memorandum of Understanding (MOU) with developer Scott Rechler of Reckson and New York Islanders owner Charles Wang, moving the $1.6 billion 'Nassau Centre' proposal forward and paving the way for a lease with the Lighthouse Development Group, LLC concerning redevelopment of the 77-acre Nassau Veterans Memorial Coliseum site.

"This brings us one step closer to creating a 'Nassau Centre' at the Coliseum site that will include thousands of new units of housing, office space, restaurants, and shops and a renovated, state-of-the-art sports and entertainment facility," Suozzi said.

Under the agreement, the developers and the county will seek Town of Hempstead zoning approval as required for the project. A final lease negotiated between the developers and the county will be submitted for approval to the County Legislature.

The Memorandum of Understanding between Suozzi and the developers calls for the developers to make annual nonrefundable option payments of $1.5 million to the county and obligates the developer to pay the county's legal and third-party consultant fees in connection with redevelopment of the Coliseum site, including for required environmental reviews.

The agreement notes that the coliseum redevelopment is "expressly conditioned" upon the construction and operation of a minor league baseball park at Mitchel Field Athletic Complex by the developer or a third party.

The county intends to issue a separate Request for Proposals for the Mitchel Field site to invite developers, including the Rechler-Wang group, to build a minor league stadium and bring a baseball team to the county. The Mitchel Field site is adjacent to the 77-acre Coliseum site.

The 77-acre site is located within the Town of Hempstead. Zoning changes are required in order to transform the underutilized area, which is currently used as a parking lot for the Coliseum. During three hearings held in June, Wang, Rechler and county officials made presentations to the County Legislature concerning the steps needed to move the project forward. No county legislative approvals are required at this time.

Rechler and Wang said the signing of the MOU is a significant step. "We look forward to working with the Town of Hempstead and will continue to seek input from the community as we move forward with the next stage of this transforming project," said Rechler, president and CEO or Reckson Associates Realty Corp.

"I am delighted that we have achieved another critical step toward what we feel is the best for Long Island," said Wang, founder of the Lighthouse Development Group. "By way of his signature, County Executive Suozzi once more endorses our mutual desire to expeditiously move the project forward towards a better future for all Long Islanders."

The Rechler-Wang proposal guarantees that the Islanders will continue to play hockey at the Coliseum through 2025. About $320 million is earmarked for a dramatic overhaul of the Coliseum, including two new buildings to be incorporated into the Coliseum's existing structure and new parking. The new buildings will house a basketball court, additional ice rinks, a fitness center, new locker rooms and other sports facilities. The Coliseum will also have expanded seating capacity with an additional 2,500 seats, including state-of-the-art luxury boxes.

The project is expected to generate approximately $160 million in net new taxes through 2025. The new pedestrian-friendly 'Nassau Centre' also calls for a canal lined with retail shops and mixed-use residential-commercial development; an investment in a transportation system; and the development of 'Next Generation' housing at the site.