In danger of closing after operator Thomas Lochtefeld filed for bankruptcy earlier this month, Belmont Park will remain open — for now. On Nov. 18, a judge placed a stay on the bankruptcy case, preventing the city from forcing Lochtefeld out and keeping the Mission Beach landmark open until at least next February. “It’s great. I think it’s the right decision,” said Lochtefeld, Belmont Park operator. “Basically, the judge looked at our pleadings and agreed with us and precluded the city from being able to require the bank to pay in lieu of my not agreeing to pay.” The stay, granted by U.S. Bankruptcy Court Judge Laura S. Taylor, pushes the hearing to Feb. 11, 2011, when it will be decided whether or not to continue the stay. In the meantime, Belmont Park will be open and fully operational. During this three-month period, Lochtefeld is hoping to work with the city to reach an agreement on the property that will work for both sides. He originally filed for bankruptcy in response to the city raising the rent from $70,000 to $480,000 annually without offering additional development options to offset the costs, he said. “I want them to let me know how they can justify this rent increase. They haven’t ever provided any logic for the rent increase, other than saying that the rent credits have expired,” Lochtefeld said. “Yeah, the rent credits have expired but there was also supposed to be a Phase II development done.” A redeveloper who has invested millions of dollars in Belmont Park since acquiring the park’s lease in 2002, Lochtefeld submitted a redevelopment plan to the city in 2006 that included a 250-room hotel, underground parking garage along with additions and improvements to the park. He said this plan was not further pursued after 2008. “If the engine that was going to generate the revenue to be able to pay for this rent increase isn’t in place, how can I pay that rent? It makes no sense and they won’t explain it,” Lochtefeld said. If a compromise can’t be reached between the city and Belmont Park, Lochtefeld would be forced to leave and the collapse of the park — with the exception of the Giant Dipper roller coaster — would become a possibility. Lochtefeld started a “Save Belmont Park” online petition at www.belmontpark.com.