With private capital, Westchester’s Playland could see $34M overhaul

October 12, 2012 09:30AM

America’s only Art Deco amusement park, Playland in Rye, N.Y., could see $34 million in capital improvements via a private capital, according to the New York Daily News.

The Westchester County–owned park has been a financial drain on tax payers for years, losing an estimated $3 million to $5 million annually and racking up $18 million in debt, according to County Executive Robert Astorino.

But a letter of intent signed by the partnership, Sustainable Playland, Thursday proposes to add a small water park, a fieldhouse, ballfields and a “Great Lawn” to the park while paying the county at least $1.2 million a year, in exchange to operating rights.

Sustainable Playland’s backers, which have financial ties to the firm that maintains Bryant Park, would pay Westchester County $4 million upfront, and would likely receive a 10-year management agreement. The contract is expected to be finalized in the next 90 days. [NYDN]Christopher Cameron