County To Buy, Sell Arena

The Chemung County Industrial Development Agency wants to buy the arena from its current ownership and quickly sell it to a buyer who can competently manage the Elmira Jackals hockey team and steady the arena’s tenuous finances.

The Star-Gazette reported the arena is losing $600,000 annually, despite being one of the city’s largest downtown draws. “I’ve sat here for 16 years watching this place being mismanaged,” Chemung County Executive Tom Santulli said. “It’s been a great investment, but the problem, I contend, is we’ve not been able to attract anyone who has experience.”

County officials have reportedly been engaged in talks with multiple potential buyers and the appraised value was $8 million, although the expected sale price would be closer to $2.5 million, Santulli said. First Arena is currently owned by Tom Freeman and Nate Cook, who stepped in to purchase the building out of foreclosure in 2012.

The hockey team is currently owned by Local Development Corp., a nonprofit consisting of local community members. The IDA is yet to finalize how it will finance the purchase of the property and an initial vote on the matter will be held in June. Southern Tier Economic Growth President Mike Krussen told the Star-Gazette substantial public money has already gone into supporting the arena, but the purchase will be made with funds already held by the IDA and not from taxpayers.