ELMIRA, N.Y. (18 NEWS) - The City of Elmira says it is unable to provide financial assistance to the County for First Arena due to the City's financial condition.
Chemung County proposed that the City split the cost of $1.5 million dollars for ice plant replacement at the arena.
In addition to the $750,000, the County also asked the City for $700,000 to cover the necessary payables from this season that will need to be retired before ownership transfer.
The nearly $1.5 million would be extended over a 5-year period and cost the City of Elmira approximately $320,000 per year.
This annual payment would necessitate a 3% real property tax increase each year.