It features two ice surfaces, a full-service restaurant and bar, a food service center for the recreational rink, video game arcade, 31 luxury suites, party/group outing facilities, and meeting/community rooms among other amenities.

The City Council also approved a roof design for the project in June 2000 that increased the estimated cost of the arena to $16 million.

On January 17, 2012, the 4:30 p.m. deadline passed to pay $123,849 in overdue taxes and a foreclosure order was then signed by Chemung County Court judge Peter Buckley, starting a "redemption period" that was to end February 29.

During that period, Southern Tier Economic Development (STED), the arena's owner, could get the property back by paying the overdue tax balance plus a 10% penalty totaling $136,234.

EDA and Key Bank filed two more lawsuits in April accusing the county of not following proper procedure in administering its foreclosure process.

On May 17, 2012, a memorandum of understanding was signed by Tamer Afr for EDA, Santulli for the county and Kevin Keeley as president of STED that allowed the Jackals to play in the facility during the 2012–13 season.

[12][13] In January 2017, the Chemung County legislature voted to maintain the arena to be open to the public[14] but asked the Elmira City Council to contribute nearly $1.5 million of taxpayer money over five years to repair the ice plant and pay back bills.

[15] On February 10, the IDA presented a counteroffer to the Elmira City Council asking for $750,000 to repair the ice plant.

The buyer also needed to submit paperwork to the ECHL by March 9 to ask for approval for a change in ownership, and to affirm that the Jackals would play the next season.

[20] On March 10, it was announced that local businessman Brian Barrett would take ownership of First Arena, but the Jackals would cease operations at the conclusion of the 2016–17 season.

[25] Nichols offered to lease the arena for a minimum of two years but the IDA rejected the proposal, saying it would leave them financially exposed.

[26][27] On October 3, 2017, the City of Elmira approved a resolution proposed by the IDA to apply for a "Restore New York" grant to help repair the arena's ice plant and roof.

Nichols brought in a Federal Prospects Hockey League (FPHL) franchise and intends to hold other events.

Nichols, and his ownership group CAN-USA, operated and paid for the upkeep of the arena during the initial three-year lease agreement.

In July 2021, the IDA took over operations of the arena again when the county and CAN-USA failed to reach a lease extension in time.

[31] On July 29, the IDA reported the arena needed $6–8 million in repairs and upgrades in order to continue operations and was considering the option of demolishing the building instead.

In November 2021, the county had a second assessment made on the arena and was found to have no critical issues in order to keep the building with a minimum of about $500,000 in Americans with Disabilities Act (ADA) upgrades needed to re-open.

[37] On April 27, 2022, TDSE's Steve Donner announced that a new FPHL franchise will be occupying the arena beginning with the 2022–2023 hockey season.

A dispute between the county and Nichols forced the team to disband in 2020, leaving the arena to sit empty until TDSE agreed to a lease in 2021.

The arena also hosts musical acts, family productions, and many other large entertainment performances such as concerts and circuses.