That's the original entrance arch to Geauga Lake when it became a gated park. For the 99.9% of y'all who don't know where that is...
Yep. Someone decided it was a good idea to run large equipment under the 7th oldest coaster in the US without checking for clearance first.
Everything is still standing, but apparently rather than go out and around, or get cranes to lift things over, this later got cut away so they could get equipment through underneath.