New York City Comptroller William C. Thompson, Jr. today issued the following statement following the failure of Randall’s Island Aquatic Leisure, LLC to receive funding by the City’s extended deadline to develop a giant water park on Randall’s Island:

“The City’s process to build a water park on Randall’s Island has been flawed and opaque since the beginning. The City has maintained that Aquatic Development Group was the only entity capable of undertaking the project. I knew from the beginning that that statement was inaccurate and given the developer’s inability to secure the financial backing it needs to build the water park, we now know just how inaccurate it was.

When the project was presented for approval before the Franchise and Concession Review Committee, I voted against it and raised questions about the developer’s financial capability. My office uncovered a previous bankruptcy, a fact that the City should have been concerned about as well. Now, 15 months after the agreement was signed, there has been no real progress on the water park. Even with an inappropriate extension to obtain financing, the developer has still not met necessary obligations.

The City is investing over $100 million dollars for the water park and sports fields on Randall’s Island. A significant portion of those funds were necessary to support the water park and were being spent before the City was assured that the developer could afford to build the water park.

This is a glaring example of how the failure to follow an open and competitive solicitation process has delayed and undermined the City’s obligation to provide recreational venues for residents and generate revenue for the City.

I call upon the City to immediately terminate the agreement with Randall’s Island Aquatic Leisure, LLC, and to re-solicit, in an open and fair process, proposals to develop the site.”

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