While doing some investigation this afternoon, we started searching the "Lake Placid News" archives for information on PLACID's fate. We sent another inquiry to the Lake Placid Center for the Arts and found an interesting comment from November 2013 by a gentleman named Dan Patchett.
Come to find out, Dan authored a book about Lake Placid titled "Paradox Bay" which mentions PLACID several times and he offers this update:
“Placid” by Lyman Kipp was created with steel beams from the 1932 Olympic Area, commissioned by the village and installed July 1979 in Mill Pond Park then later removed because of public criticism. “Placid” was later saved and removed from a muddy grave at the water treatment plant by LPCA former Board Members Parmelee Tolkan and Linda Friedlander with help of a concerned membership. Presently there is a committee of people who want the sculpture resurrected. For the time being “Placid” waits restoration behind Lake Placid Center for the Arts 2013" - Dan Patchett, Paradox Bay
Here's hoping that LPCA is able to secure funds and restore PLACID to its primary-colored glory.