The county legislature voted unanimously 19-0 to support the plan. The deal still requires the approval of a state financial watchdog.
County Executive Edward Mangano announced last month that he had selected a group headed by Bruce Ratner, executive chairman of Forest City Ratner Companies, to renovate the 41-year-old Nassau Coliseum. Ratner built the Barclays Center in Brooklyn.
Newsday (http://bit.ly/18SFnX7 ) reports Ratner's plans include a 13,000 seat arena and an adjacent plaza with shopping, restaurants and amenities.
He will pay $4.4 million annually in rent. That figure rises 10 percent every five years.
The New York Islanders recently announced they will leave the coliseum for Brooklyn after the 2015 season.