NEW YORK (CBSNewYork/AP) — An affiliate of Forest City Ratner has been selected to oversee a $229 million renovation of the Nassau Veterans Memorial Coliseum.

Nassau County Executive Ed Mangano made the announcement at a press conference Thursday.

Nassau Events Center, LLC was picked over the Madison Square Garden Co.

The selection is expected to accelerate the long-stalled process to renovate the aging arena. Mangano said developer Bruce Ratner’s group would transform the arena and its plaza “into an attractive, first-class destination for family fun, sports and entertainment.”

Forest City Ratner Selected To Renovate Nassau Coliseum

Mangano said the plan would give the cash-strapped county a boost and would serve as a benefit to taxpayers, CBS 2’s Jennifer McLogan reported.

“This plan gives us a clear road to success and I would hope that everybody gets on board,” Mangano said.

“Today, I announce the proposer who provided the best opportunity for Nassau County residents; one that will create jobs and opportunities, one that generates the greatest revenue for the county and completely relieves the county of costly capital expenditures,” Mangano said in a statement.

Mangano said Forest City Enterprises will pay the county a minimum of a $195 million over the 34 years of the lease. MSG’s offer was less profitable.

“This is a public-private partnership where we share in the revenue and not the expense,” said Mangano.