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County to fund $58M in Playland projects

In an effort to address a significant number of crucial renovations at Rye Playland, an agreement between Republican Westchester County Executive Rob Astorino and the park’s management company, Standard Amusements, was amended on Feb. 22 to include $58 million in county-funded capital projects.

However, the amended contract still requires approval of the Westchester County Board of Legislators by a March 31 deadline otherwise the agreement can be terminated by Standard.

County Executive Rob Astorino has amended his Playland agreement with Standard Amusements that includes the addition of 11 capital projects totaling $58 million that will come at the county’s expense. File photo
County Executive Rob Astorino has amended his Playland agreement with Standard Amusements that includes the addition of 11 capital projects totaling $58 million that will come at the county’s expense. File photo

The amended contract also allows for the extension of the co-management period between the county and Standard into the fall of this year. The amendment comes after an extension of the co-management period that occurred last October, which prolonged the period until March 31.

The projects included in the amended deal—which would see Standard Amusements increase its investment in the park by $5 million to about $30 million—would tackle 11 different capital projects, at a total cost of $58 million, to provide renovations to various rides and structures, in addition to the rehabilitation of the park’s shoreline, all of which would be paid for by the county.

According to the amended agreement, the two parties will outline a date for when the capital projects will be carried out by the county, a timeline that the agreements states must be finalized before by Aug. 31.

The original deal between Standard Amusements and the county was finalized in June 2015 after lengthy deliberations between the county and multiple management companies.

Under the terms of the amended agreement, after a lump sum of $2.75 million, the county will receive a $300,000 annual fee from Standard Amusements, which would increase by 2 percent every year, putting the county’s total amount of money received from the deal at about $13 million over the next 30 years. Yet, the county will now spend millions of dollars on capital infrastructure upgrades that were not part of the initial agreement.

According to Westchester County Legislator Catherine Parker, a Rye Democrat, this disparity of investment would put taxpayers on the line.

“The entire idea was that in having the partnership it would reduce the burden to the taxpayer,” she said. “With the number as it stands, I don’t know that we [can] get to that place.”

Parker said a more reasonable amount of money for the county to receive annually from the agreement would be about $1 million per year with a 2 percent increase; a figure that would bring the county to about $41 million during the lifetime of the agreement.

Parker also said she doesn’t currently have a plan to fight the amended agreement, but will continue to review the terms until the March 31 deadline.

“The entire Board of Legislators needs to take a look at what the changes are,” she said.

According to Ned McCormack, communications director for the county executive, however, there are other aspects of the deal that work in the county’s favor. While the original agreement had the county bringing in about 7.5 percent of the park’s profits, the amended agreement will see that rate rise in 10-year increments, with the county earning 8 percent for the first decade, 10 percent for the next, and finally 12 percent for the last.

The amendment does add another $18 million to the $40 million in known capital projects to the park, which the county outlined in a five-year list of capital projects, he said.

According to McCormack, he’s hopeful that the new agreement—which is currently being reviewed by the county Board of Legislators and three board subcommittees—will be approved before the March 31 deadline.

“This agreement provides a very serious path to save Playland,” he said.

Nick Singer, of Standard Amusements, could not be reached for comment as of press time.