New York, NY —

The plan to build a water park on Randall's Island is behind schedule and a new developer should be selected for the project...that's according to the city comptroller. WNYC's Cindy Rodriguez reports.

REPORTER: City Comptroller William Thompson complained about Aquatic Development's lack of progress in a letter to Mayor Bloomberg, saying financing for the project is not in place nor are the required permits. Thompson wants the city to re-bid the project.

THOMPSON: At this point, it appears as if the Parks Department is trying to take a bad deal and continue to stay with it. It is time to move on.

REPORTER: The city's Franchise Concession Review Committee approved the 26-acre theme park last year. Aquatic Development declined to comment. The Parks Department says the company was given an extension to secure financing until Wednesday.

REPORTER: A spokesman added if it can't comply with the agreement, the city could bid out the project again or scrap the water park and build something else. For WNYC, I'm Cindy Rodriguez.