MONROE — A plan to build a wakeboarding and waterskiing park on Lake Tye has run into choppy water.

A Sammamish-based company planned to open the first-of-its-kind park in Washington this year. But now, H3o Development is asking the Monroe City Council to change a 2012 agreement so it can complete work in phases over five years.

It also wants the city to give it a break on rent until the for-profit business opens.

H3o plans to build a dock and install a moving cable loop in the south end of Lake Tye. Instead of being pulled by a boat, riders hold lines that extend down from a moving cable over their heads. The cable pulls them along at about 18 mph on water skis, wakeboards or water skates.

The project ran into delays because investors pulled out, leaving H3o in need of about $1.5 million to complete work it agreed to before opening the business, co-owner Brad Smith said.

On June 16, Smith is to present a new plan to the council. H3o wants to open the park for water sports as early as next summer but delay construction of a building, parking spaces and trails for up to five years.

“It would allow them to move forward sooner,” City Administrator Gene Brazel said.

H3o also wants the city to waive rent until the park opens. Since October 2013, the company has paid Monroe $17,654 in rent and late fees. It owed the city $8,651 as of May 15.

If the council approves the new plan, H3o wants to build a dock and put in the cable system as soon as possible. The owners would then open the park and rent equipment out of a temporary building on shore.

Smith said that would allow the business to start making money to pay rent and attract new investors.

Under the city’s 10-year agreement with H3o, the company is to pay the city $24,000 a year once the park is open. H3o has also agreed to give the city 2 percent of revenue and collect a 5 percent admissions tax.

If the council approves the phased plan, H3o would delay for up to five years constructing a 2,500-square-foot building on the lakeside to house a pro shop, an event space, offices and changing rooms. The company would also wait to put in more parking spaces and improve the walking paths around the site.

The project sparked controversy when it surfaced in 2011. Some people opposed allowing a private company use a public park to turn a profit.

The park is expected to take up about 30 percent of the lake with a route that includes jumps and rails for advanced riders and a smaller loop for beginners.

Smith and his business partners, Greg Dick and Chris Hogan, said they started H3o six years ago to bring a cable park to the Northwest. Now, they want the council to approve the new plan, which could result in riders on the water by summer 2016.

“Hopefully, they’ll give it the thumbs up,” Smith said.

Amy Nile: 425-339-3192; anile@heraldnet.com. Twitter: @AmyNileReports.