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Final lease payment for Cool Insuring Arena

GLENS FALLS, N.Y. (NEWS10) - The Cool Insuring Area in Glens Falls has marked a major milestone.

It's a large payment fulfilling a mission to help the formerly named Glens Falls Civic Center rebound after years in the red.

A check, well, not this one, but a much smaller and real check was presented to the city of Glens Falls on Thursday. It's a sign that hockey and entertainment are here to stay at least for a while.

The $50,000 is the final payment to the city for a $600,000 lease at the arena.

The money, secures the space until December of 2019 for the tenant, the Adirondack Civic Center Coalition, whose mission has been to keep these doors open.

"You know, we will never get this arena back if it goes away. And it's our mission to make it financially feasible," Dan Burke, President of the Adirondack Civic Center Coalition, said.

Burke, is one of the local business and community leaders who helped bring the arena back from near financial ruin when it was the Glens Falls Civic Center. They worked on securing grants from the state and county and nearly one million in private funding.

"This year we're going to have about 230,000 people come through these doors relative to the year before when we had about 180,000. It's sales tax money and it's bed tax money. You know what, it's also quality of life."

The arena is host to concerts, graduations, basketball games and other local events in the Capital Region. It's also the home of the Adirondack Thunder hockey team. Fulfilling many Capital Region hockey fans dreams when the coalition purchased the team last June.

"They play between 36 games a year and 40 on a good year. This year we had 47 with our playoff run. So that was great. We have concerts and the WWE. So it's a really important building for our community," Jeff Mead, Cool Insuring Arena General Manager, said.

The Coalition has yet to exercise its option to purchase the arena. The final payment is a strong sign to many that that is their intention.


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