The Parks Department flag flies as the legendary Cyclone Roller Coaster plunges down the wooden tracks in Coney Island amusement park. The City is expected to sign a fifteen-year deal with the owners of Luna Park to operate the historic coaster. (Maisel/News)
The cyclone is set to become a cash cow for the city. The City is expected to rake in at least $200,000 annually the first year alone in a new fifteen-year deal expected to be approved in a few weeks.
The new operator of the historic coaster will be Central Amusement International, LLC,(CAI) the developer of Luna Park.
The City's Franchise and Concession Review Committee (FCRC) and the New York City Department of Parks and Recreation are holding a hearing on Monday, March 12, 2012 at 22 Reade Street, Borough of Manhattan, at 2:30 P.M.
PARKS AND RECREATION REVENUE AND CONCESSIONS JOINT PUBLIC HEARING NOTICE OF A JOINT PUBLIC HEARING of the Franchise and Concession Review Committee and the New York City Department of Parks and Recreation to be held on Monday, March 12, 2012 at 22 Reade Street, Borough of Manhattan, commencing at 2:30 P.M. relative to:
INTENT TO AWARD as a concession the renovation, operation and maintenance of the Coney Island Cyclone Roller Coaster ride and the development, operation and maintenance of food service, in Coney Island, Brooklyn (“Licensed Premises”), for one (1) fifteen-year term, to Central Amusement International, LLC (CAI). Compensation to the City will be as follows: for each operating year, CAI shall pay to the City a license fee consisting of the higher of a guaranteed annual minimum fee:
(Year 1: $200,000; Year 2: $205,000; Year 3: $210,000; Year 4: $215,000; Year 5: $220,000; Year 6: $225,000; Year 7: $230,000; Year 8: $235,000; Year 9: $240,000; Year 10: $245,000; Year 11: $250,000; Year 12: $255,000; Year 13: $260,000; Year 14: $265,000; Year 15: $270,000) or a percentage of gross receipts derived from the operation of the Licensed Premises for each year (10% of gross receipts up to $2,500,000, plus 15% of gross receipts from $2,500,001 and above)