Broomfield officials unanimously voted on Tuesday night (May 23rd) to end its agreement with the arena’s operator Peak Entertainment.

The Broomfield Urban Renewal Authority’s Board of Directors voted to close the facility for good on Nov. 30. The city is likely going to tear down the 16-year-old event center and sell the land the arena sits on.

Although the arena has hosted a variety of events like concerts, sporting events, competitions, and trade shows, it never made a profit, city council members said Tuesday night.

The arena was built for $45 million and financed by issuing nearly $60 million in bonds. The city council said there’s still more than $34 million owed on the event center’s bond.