WHITE PLAINS – Westchester County’s Playland Amusement Park will be run by a private company. The county board of legislators Monday night approved the 15-year management agreement with Standard Amusements, LLC.
County Executive Robert Astorino is now expected to sign it.
Legislature Chairman Michael Kaplowitz said the agreement will breathe new life into the facility that it will manage.
“The county has done it for 87 years,” noted Kaplowitz. “We have done the best job we can, but now it’s time to look to a professional operator and this arrangement will provide financial benefits to the county, will cut many of our losses, but most importantly will bring back the luster of 87-year-old Playland and continue to provide wonderful memories for generations to come.”
The terms of the agreement call for the county to receive an upfront payment from Standard Amusements of $2.25 million. The company is then required to make an additional $22.5 million in capital improvements to the park in the next five years. Standard said it plans to make those investments in the first three years of the agreement.
Once Standard recoups its initial investment, the county will share in 7.5 percent of the profit from Playland operations. Standard will also pay the county an annual $300,000 management fee that increases b some two percent each year.
