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Aurora City Council voted unanimously to approve spending $5.3 million for 48 acres of land and the adjacent lake.
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The property has yet to be developed commercially.
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He also covers Dover Lake and Euclid Beach Park.
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The Vekoma flying coaster, originally from Geauga Lake, is torn down.
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The Cedar Fair property remains undeveloped following years of speculation about its future.
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The Caddie Shack purchased the ride from the Columbus Zoo, will operate it in 2018.
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The amusement park closed 10 years ago.
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The state has been home to dozens of roller coasters in the last century.
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The roller coaster at the defunct park has remained standing for years.
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The last rides were administered on Monday.