2007_09_ripark.jpgPlans for a water park on Randall's Island are on the verge of collapse as the developer granted a state concession to build the amusement complex missed its second deadline in seven months to secure financing. According to the Daily News, many East Harlem residents and park advocates were ecstatic at the project's possible failure. Tickets for the water park would have been priced at $37 a person and would result in a de facto reduction of public park space for those unable to afford admission. The neighborhoods closest to the proposed water park are the South Bronx and East Harlem.

Aquatic Leisure LLC was supposed to begin construction of the park in February, but the company was granted a seven month extension to line up funding for the project. Critics say the second failure to do so should leave Aquatic Leisure's plans for a pricey park dead in the water. There are also allegations of a bankrupted project in the company's past and a failure to repay an economic development loan made by the city of Albany.

Opponents of the water park plan hope that this is the end of a project that has been a non-starter for almost a decade. They're hoping that the Parks Dept. will return to square one of the planning stage, at which point any proposal of a private park on public land will be nixed immediately.

UPDATE: We've heard from the office of City Comptroller William C. Thompson Jr.and the Aquatic Leisure LLC contract is officially killed.