But the city and Pars Assets, the company that holds the master lease, are in dispute over the renovation of the aging property. The city says Pars Assets hasn't honored a 2-year-old agreement to rebuild the facility on city property within four years.
An amendment to the lease in 2000 calls for Pars Assets to renovate an oceanfront building for restaurant use and install wave water rides. The plan also calls for specialty shops and smaller restaurants as well as concession stands on the beach.
Since 1995, Pars Assets has held the master lease on the 6.7 acres of Belmont Park in a deal that expires in June 2038.
Pars officials say the redevelopment plan agreed to in 2000 is no longer viable because of rising electric rates and other economic factors. Pars Assets hopes to strike a new agreement with the city.
Meanwhile, First Commercial Corp., which operates the Fat City amusement park in Littleton, CO and owns the Bitter End restaurant Downtown, has approached Pars Assets and the city about buying the lease and redeveloping Belmont Park as a family-oriented amusement center.
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