The man-made dam needs to be reconstructed and the Philipsburg borough is doing their best to save it and the recreation park. The construction work has started and they expect to complete it by the end of summer 2016.
When we last visited they had a nice playground area for the kids that including sliding boards, swings, etc. but I'm not sure if that area has been affected by the reconstruction or not. Trying to find history on Cold Stream Dam online has been pretty difficult at best.
If you are passing through the area or looking to explore Pennsylvania a little bit...a visit to Cold Stream Dam and Recreation Park would make a nice family outing. It's located just 7 miles from Philipsburg in Centre County Pennsylvania.