LEWISTON — A heavy winter storm blowing toward Maine convinced city officials Wednesday to postpone a special Thursday night City Council meeting.

A special meeting called to ratify Firland Management’s transfer of majority ownership of the Androscoggin Bank Colisee has been moved to 5 p.m. Friday at Lewiston City Hall.

Firland Management plans to add Portland hockey figure Ron Cain as an investor. Since Lewiston owns the mortgage on the ice arena, the City Council must approve changes.

Cain, no relation to Firland Management owner Jim Cain, owns a stake in the Portland Pirates, an American Hockey League team, and is the primary owner of the Maine Hockey Group, which operates the Junior Pirates. Ron Cain also owns a hockey facility in Saco.

Firland and Jim Cain took over ownership of the Colisee in 2008, agreeing to pay $1.2 million in 15 payments. Under the terms of the original agreement, Cain’s first mortgage payment to the city is due in July. According to the deal, Firland will begin paying the city $50,000 per year in 2013 and then $100,000 per year from 2023 through 2028.

The new ownership and renegotiated mortgage lets Firland speed up the mortgage term. According to the new contract, Firland will pay the standard mortgage as well as additional payments once the ice arena shows a $200,000 net operating income for three consecutive years.

If that happens, Firland will pay the the city one-quarter of net operating income higher than $200,000. If net operating income exceeds $250,000, Firland will pay the city half of the amount above the $250,000.

Those additional payments will be applied to the end of the loan and could shorten it considerably.

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