NEW YORK -- The world-renowned Astroland amusement park has a new lease on life, although it is a short one.

The venerable Coney Island institution, which appeared doomed after its Labor Day closing, will instead reopen for one more season next year under a deal announced Wednesday afternoon. The agreement was made public by Astroland's owners and Thor Equities, the developer behind the Brooklyn neighborhood's planned $2 billion makeover.

The New York Post reported in June that Councilman Domenic Recchia Jr. (D-Brooklyn) brokered a deal to keep the rides in business in 2008. The deal apparently took time to finalize. Astroland owner Carol Albert says the agreement will keep the amusement park's 300 workers on the job for one more season.

The last-ditch agreement came after it appeared the park's classic rides had gone dark for the last time on September 9th. But weeks of negotiations between Thor Equities and the Albert family produced a short-term deal barely three months before the old lease expired.

Terms of the agreement were not made public.

Astroland is now scheduled to open for its last summer during the end of winter -- March 18th, 2008.

The Post reports that the city is trying to find a new site for Astroland somewhere near KeySpan Park, the Brooklyn Cyclones' minor-league baseball home.

The historic Cyclone roller coaster wasn't affected by Thor's purchase and Albert will continue operating it through a city lease.