ELMIRA, N.Y. (WENY) -- Questions about transparency and financial accountability are swirling around the Chemung County Industrial Development Agency (CCIDA) and its management of the former First Arena, now known as the LECOM Event Center.

A recent Facebook post from the Chemung County Executive reignited a debate on how taxpayer dollars are being spent.

The post clarified that the LECOM Event Center is not owned or operated by Chemung County. Instead, it is owned by the CCIDA and operated by its subsidiary, the Chemung County Capital Resource Corporation (CCCRC), which is made up of the same people. Although the County Legislature appoints the CCIDA board members, the IDA operates independently of both the legislature and executive branches.

The County Executive's Office raised concerns on Thursday, January 9th about the arena's financial sustainability and transparency. In the Facebook post, it highlights $3.4 million in operating costs over an 18-month period, since the IDA took over operations of the area after parting ways with its previous tenant, Mammoth Sports and Entertainment.

"Regardless of your feelings on the arena, the current model of operation is unsustainable, and the IDA is on track to deplete its fund because over the next 24 months," the post read. "It's time the CCIDA board review their fiduciary responsibilities on the financial stability of both organizations as well as internal processes involving procurement, which continue to be ignored."

During a press conference at the LECOM Event Center, IDA Chairman Mark Margeson was visibly agitated as he addressed those concerns, breaking down where the funds are going. He stated that the arena needed $1.4 million dollars in repairs after the IDA took the facility back over, and an additional $900,000 to fix the roof. That included replacing the ice plant, which was damaged in a power surge. 

"It's very frustrating that we have to go through this day in and day out, get no help from the upper management of the county other than tear us down," says Margeson. "That's it. So yeah, I'm frustrated, I'm emotional."

Margeson said an investigator with the New York State Comptroller's Office also investigated him with regards to the arena, following an audit of the arena's finances in 2024. He also claims the County Executive's office is not releasing $650,000 in American Rescue Plan funding that was earmarked for the arena. 

"There's money right now sitting on the county executive's desk, approximately $650,000 that the legislature they approved two years ago to transfer the money to the IDA to pay for infrastructure rebuild hasn't been transferred, just still sitting there. Why? Why?" Margeson said. 

In an interview with WENY News, Moss explained his understanding of the IDA funding saying he thinks we need to let the public know about these expenditures. Moss added the public's opinion will ultimately shape the director of the IDA's future transparency efforts. 

"I just think we need to let the public know that. If the public's okay with that, then I'm okay with that. But we can't continue to give a false narrative on how great the arena is doing," shared County Executive Chris Moss.

The Facebook post included links to financial documents detailing the CCIDA's profit-and-loss statements and balance documents connected to the arena spending in operation in 2024. The documents aim to provide insight into the arena's financial uses.

You can watch the full Chemung County IDA press conference here: