GLENS FALLS — The Adirondack Civic Center Coalition will continue to lease Cool Insuring Arena from the city for another five years, so the city can seek grant funds to make infrastructure upgrades to the facility.
The Common Council on Tuesday approved extending the current arrangement, in which the coalition is responsible for the day-to-day operations and the city handles maintenance and water and sewer costs.
The current contract was signed on Dec. 31, 2014, and the coalition agreed to pay $300,000 up front and another $300,000 in installment payments. At the end of that time, the coalition had the option to buy the arena. Mayor Dan Hall said the coalition wanted to continue the current arrangement because if it took over ownership, it would not be eligible as a private entity for grants to upgrade the facility. The city would be able to obtain those grants.
The coalition will not pay any additional funds under this lease. The lease now runs until Dec. 31, 2024, at which point the coalition will have another option to buy the facility. Hall said the city was agreeable to the terms.
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“We’re really happy with what they’re doing. For many years, it was on the backs of the taxpayers,” he said.
The city maintains the comprehensive liability insurance, any maintenance repair expenses that exceed $5,000 and water and sewer costs. It also provides in-kind services of snow removal and landscaping, according to the agreement.
In addition, the city will be responsible for repairing and replacing the roof. The coalition is required to retain an annual reserve of $10,000 and the city will make a payment of $50,000 into this reserve.