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Westchester County's Board of Legislators have granted the interim manager of Playland another extension on its contract to run the county-owned park.
Standard Amusements now has another month -- until April 29 -- to finalize its agreement to invest $25 million in Playland and start taking over full-time management of the park in Rye later this year, officials said on Wednesday.
The first extension approved laste fall with the support of Westchester County Executive Rob Astorino, Westchester Board of Legislators Chairman Michael Kaplowitz, and Harrison native Nicholas Singer, co-founder of Standard Amusements. That county BOL vote extended the option period from Oct. 16, 2015, to Thursday March 31.
Standard Amusements paid the county $25,000 for the first extension. There was no fee required with the second extension, according to a spokesman with the county legislature.
Singer, in an earlier press statement, said, "Based on our review, which began in July, it’s likely that our investment would exceed $25 million. We simply need more time to conduct the due diligence necessary to ensure that our development and completion of the project will be successful.”
Astorino has said the goal is to save Playland for future generations and the extension "means everyone remains focused on the goal."
Under the original agreement, approved 17-0 by the Board of Legislators in June 2015, Standard Amusements is expected to make an initial investment of $2.25 million, -- $500,000 of which the county has received in a non-refundable payment and then invest $22.75 million within five years into renovating and upgrading the amusement park; while making annual payments to the county starting at $300,000 and escalating 2 percent annually.
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