No, this is not a 2012 news story or any kind of Coliseum update for the present.
NYIFC has a suggestion for Ed Mangano based on a 2004 article 9/24/2004 where Peter Schmitt (who's still the leading republican in Ed Mangano's administration) gave his views on financing a Coliseum renovation for Charles Wang (pre Scott Rechler) for the Lighthouse project.
Wang visited Schmitt, Jacobs and Nassau County Executive Thomas Suozzi to explain his vision. He would not comment after those meetings.
While the financial details remain sketchy, Schmitt said the renovations at the Coliseum would be financed through the county Industrial Development Agency, which would result in state and local tax-exemptions for Wang. Schmitt said the state also would provide some financial assistance.
NassauIDA.com is still an active website with Mangano's comments in 2012.
This begs the question why does Ed Mangano not make the same proposal right now to the Nassau IDA/New York State, where whoever owns the Islanders receives the tax exemptions, & whoever owns the team also agrees to the same rent/revenue split Wang signed up for last summer on a thirty year lease without development rights?
I highly suggest folks who wish to read old articles with original wording and an easy to use search engine (far superior to 2007-2012 NYIFC blogger tagging system) to check out our former mailing list Islanders-Sound Tigers from 2000-2006.
It's been a very easy way to hold everyone (starting with Charles Wang) to their original quoted comments.