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.
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