First Arena moves closer to foreclosure
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CHEMUNG COUNTY, N.Y. -- Foreclosure plans for First Arena are moving forward. Chemung County Executive Tom Santulli said a judge signed a foreclosure order on the building within the last week.
The building is owned by Southern Tier Economic Development, or STED. But the Jackals' team owner, Mostafa Afr, signed a lease agreeing to pay property taxes and utilities. In three years, no taxes have been paid.
STED now has until February 29th to pay more than $123,000 plus a 10 percent penalty fee. If STED does not make the payment, the county will take over the building and it could go to an auction.