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GLENS FALLS, N.Y. -- A little more than a year after Glens Falls lost the New York State Federation Basketball Tournament to Albany, the city gets some good news. The State Championships will remain at the Civic Center for at least another three years.

City and tournament officials announced the news at a press conference at City Hall Tuesday afternoon.

Organizing committee members were expecting the City of Syracuse to present a bid in hopes of bringing the tournament to Central New York, but officials there withdrew their bid, leaving Glens Falls as the only city making a pitch.

The tournament is now secured in Glens Falls through March 2016, which will mark its 36th consecutive year in the city.

"It's great for our region, it's great for our economy and we're looking forward to our local athletes to showcase themselves with the opportunity given at the Glens Falls Civic Center," said Glens Falls Mayor Jack Diamond.

"We were not about to lose this one. We'll work as hard as we possibly can to keep this as long as we possibly can," Section II Athletic Director Doug Kenyon said.

Tournament officials say the event generates a more than $100,000 profit each year.

The Public High School Athletic Association's State Committee is expected to formally approve the deal this summer.