By The Associated Press

WICHITA -- A Tulsa, Okla., carnival company could be on the verge of buying the defunct Wild West World amusement park in Park City for $2 million.

Spectacular Attractions, doing business in Tulsa as Murphy Brothers Exposition, says it would spend an additional $4.2 million to reopen the park with about 35 rides.

A contract has been pending for about six weeks as talks continue between Spectacular Attractions and lenders involved in Wild West World's bankruptcy case, according to sources close to the case.

The deal, which includes the park's 98 acres and existing buildings, would be financed through industrial revenue bonds issued by Park City, just north of Wichita.

The city tentatively has agreed to issue bonds to pay for the real estate and rides, but the city council hasn't voted on the deal, said City Administrator Jack Whitson.

He said the city also has tentatively agreed to abate taxes for 10 years on the real estate and improvements, and will allow Murphy Brothers to take over the 10-year, $100,000 payments on the parking lot lease.

"At this point, I think you can safely assume that if anyone comes forward who wants to turn the park around, the city's going to work with them," Whitson said.

Thomas Etheredge opened Wild West World, a $30 million Western-themed amusement park, on May 5 -- the day after a tornado wiped out Greensburg just over 100 miles to the west.

Etheredge closed the park and declared bankruptcy on July 9, still owing creditors about $24 million.

Most of the park's rides have been removed, and the remaining items were sold through auctions.

The group of buyers is headed by Jerry Murphy, who runs Murphy Brothers, and former Wichita resident Michael Chesser, a CPA and mortgage broker who is president and founder of Apartment Income Investors and the Chesser Mortgage Group.

"Would we like to do a deal there? You bet," Murphy said. "Have we? Not yet.

"But if we do a deal there, I'm extremely confident we can create a big facility that will be well accepted by the public."

A business plan obtained by The Wichita Eagle estimates attendance at 150,000 in the first year, with an admission charge of $15 and average spending per visitor of $25 to $32 per day.

As part of the plan, the company also would operate the Johnny Western Theatre as a separate division, operating it as a dinner theater and venue for big-name entertainers to perform.

Murphy said the plan includes an aggressive and professional marketing plan -- something Etheredge didn't have.

"You can be sure that if we can get this done, the people of Wichita are going to know exactly who we are and what we're going to do," Murphy said.

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Information from: The Wichita Eagle, http://www.kansas.com