Morgan Stanley to Broker Nassau Sewer Deal
According to reports, Nassau County is planning to sign a contract with Morgan Stanley that will pay the financial service firm at least $5 million to broker a deal for the county to privatize its sewage treatment system.
The Associated Press reports that Morgan Stanley would broker the deal with a private operator and an investor who would fund the transaction.
According to Newsday [paid link]:
County documents show the public-private partnership proposed by GOP County Executive Edward Mangano could net Nassau $865 million -- more than half to be used to retire debt on the system.
The Nassau Legislature's Rules Committee is set to vote on the contract this Monday. The vote will more than likely come down to party lines, as Newsday reports that the Democrats will vote against the contract. The Republicans hold the majority in the legislature.
The Nassau Interim Finance Authority (NIFA) would also have to approve the contract.
Madonna Taking Over Coliseum to Prep for World Tour
Madonna will be taking over the Nassau Coliseum starting next week to build a stage and set for her upcoming world tour, according to reports.
Madonna and her team will occupy the Coliseum until late May, a source told Newsday [paid link]. While the superstar will be rehearsing in Uniondale, there are no plans for her to perform publicly at the arena.
The Philadelphia-based management company SMG runs the Coliseum. According to Newsday:
Cash-strapped Nassau County, which owns the Coliseum but does not collect revenue directly from arena shows, will not receive any funds from the Madonna contract. Revenue will go to an entity controlled by SMG. Charles Wang, owner of the Coliseum's major tenant, the New York Islanders hockey team, participates in the arrangement, the source said.
Private Sector Job Fair Announced
Mangano has announced that Nassau County will sponsor a private sector job fair on Tuesday, May 1, from 10 a.m. to 2 p.m. at the Cradle of Aviation Museum in Garden City. Employers from across Long Island will be seeking candidates for all positions, including entry and management level, licensed professionals, and technicians. There is no charge for admission and parking is free.
First Annual Safety Fair for Families Announced
Mangano and the Nassau County Office of Emergency Management (OEM) have announced the First Annual Safety Fair for Families set to take place April 28-29 from 10 a.m. to 4 p.m. at Wantagh Park, located at 1 King Road in Wantagh. The safety fair is free to the public and will feature family fun, giveaways and free raffles.