ELMIRA, N.Y. (WENY) -- The Chemung County Industrial Development Agency announced Tuesday it has approved a new lease with a sports and entertainment company to manage First Arena in Elmira. 

The lease is with Tadross Donner Sports and Entertainment, LLC. The company will operate First Arena "effective immediately upon formal execution of the lease." 

The vision both agencies have agreed to entails transitioning the building into a multi-event arena featuring sports, concerts, comedy acts, family shows and community events. 

As WENY News reported over the summer, an inspection report revealed the facility was in need of extensive repairs and possibly may need to come down in what would have been a costly demolition project. 

In a news release, Chemung County IDA officials say the principals of TDSE and its management team will be introduced in conjunction with the CCIDA at a formal press conference at First Arena on Wednesday, December 1st, 2021, at 1:00 p.m. 

TDSE will lay out the timeline of the arena re-opening and its plan to bring back pro hockey along with their sports and entertainment vision for the arena and Southern Tier Region.

Both parties have agreed to no further comments or interviews until the formal press conference on December 1st at First Arena.