In a separate letter to both parties, which also copied Hub redevelopment partner RXR Realty, the County stated its willingness to hear plans from Onexim and the lender regarding the continued operation of the Coliseum and plans to move the Hub development project forward with RXR, the developer on the Hub site.
“We cannot drag our feet on a strategy for the future of this hallmark Nassau County arena nor risk the unprecedented progress we’ve made to transform the Hub site,” said County Executive Laura Curran. “We did not take today’s action lightly and believe it is the best way to bring all parties to the table. I am committed to swiftly reviewing any proposals to get a plan for the building and the redevelopment back on track for the benefit of all our residents – including our devoted Islanders fans – who were looking forward to a final season at the Barn.”
In addition to the Islanders, Onexim’s decision to shutter the Coliseum leaves the LI Nets with uncertainty concerning their ability to play at the Coliseum in the future.
The County’s action follows NEC’s request to the County for a rent forbearance agreement. The County had requested that NEC provide an affirmative plan to demonstrate how NEC would ensure sustained Coliseum operations and development of the Hub site, and how the requested forbearance would facilitate those objectives. The County remains concerned about the status of NEC’s leasehold mortgage loan.