Lawmakers turn over Playland to private operator
White Plains – Westchester County lawmakers agreed on Monday to hire a management company to run Playland, bringing to close a five-year effort to enlist the private sector to improve the aging Art Deco amusement park.
Standard Amusements will pay the county $2.25 million upfront, then invest at least another $22 million in the first five years of a 15-year agreement. It will also pay annual escalating payments starting at $300,000 and cut the county in on 7.5 percent of the profits once it recoups its initial investment.
The county Board of Legislators approved the deal 17-0, with Chairman Michael Kaplowitz, a Democrat, calling the arrangement a "marriage," welcoming Standard to the family.
"With this vote, if all goes as expected, we have saved Playland," he said.
Standard is a limited liability company backed by hedge fund Standard General and headed by Harrison native Nicholas Singer. After the vote Singer said he wouldn't comment on the deal except to say he and his colleagues were grateful to the board and administration of County Executive Rob Astorino for their work in the process.
Astorino, a Republican, released a statement Monday night praising the legislator vote and saying the company will co-manage the park for the remainder of 2015 and take over sole management on Nov. 1.
"This deal meets our three goals for preserving Playland by reversing the losses for taxpayers, putting the park in the hands of a top-flight operator, and revitalizing Playland as a must-visit destination for families for years to come," he said.
Astorino first sought proposals to "re-invent" the county-park in 2010 but the long-road to finalizing a deal highlighted the unique complexities involved when a government owns an amusement park.
The lengthy process also accentuated the emotional connection the park carries for county residents and stark differences in opinion of whether the park should continue to be managed by the Parks Department and whether the park should be restored or fundamentally altered from its amusement function.
Astorino signed the management deal in April and during a 60-day review process, legislators obtained written assurances that no county Parks Department employees stationed at Playland would lose their jobs as a result of the deal. They also asked for a written promise that Standard wouldn't install athletic fields, a possibility that drew the ire of neighbors of the park concerned about traffic and other quality-of-life impacts.
Legislator Catherine Parker, a Democrat who represents the district where Playland is located, said an important aspect ironed out was a capital plan by the county to invest in work in addition to the private investment.
"I feel very good going into this," she said. "Although we're getting $25 million worth of investment from a private partner, we ourselves will be putting in a significant amount of investment to make sure Playland is fully restored."
Twitter: @marklungariello