AUBURN, Maine (NEWS CENTER) -- City councilors in Auburn are doing an about face on plans to build a multi-million dollar ice arena in the city.

Councilors have rescinded their lease on the Turner Street property.

Developers are looking to build an $8.5 million dollar area on the site.

But the city would have been required to sign on to a long-term lease, possibly as long as 30 years.

Councilors made the decision to rescind the lease after receiving updated financial forecasts on the profitability of the project.

NEWS CENTER