ELMIRA, N.Y. -- The future of Elmira’s First Arena is still on thin ice, but if a new offer is accepted by the city, it may stay up and running.

The Chemung County IDA is now waiting on the city to decide if they will contribute $750,000 toward a new ice plant for the arena. This counter-offer came after the city rejected the initial one last week, asking for around $1.4 million.

Those involved say the potential buyer has agreed to put millions into the arena, but if the necessary renovations aren't made, he may back out of the deal.

Elmira City Manager Mike Collins said the city has been in contact with the IDA over the past few days, and said although the cost is now split in half, it's still a difficult decision.

"I still think that you know, it's a hefty amount, the dollar amount, for the city to inherit right now," said Collins. "So I am concerned about that, and I think that's a concern of the council as well. So we'll just have to make that determination."

The city has been asked to decide by Thursday.