Niagara Falls Redevelopment announces investments of more than $90 million to revitalize Niagara Falls, USA
Monday, January 2nd, 2017
Niagara Falls Redevelopment (NFR) today announced that it has now spent more than $90 million in the Niagara Falls area as part of its continuing effort to develop key parcels in downtown Niagara Falls, USA.
The new numbers are cumulative to January 1, 2017, and continue one of the most significant private investments of capital in the City of Niagara Falls. NFR made these investments without the benefit of government subsidy of any kind.
Included in NFR’s investment are the following:
- Acquisition of 440 parcels of prime real estate in downtown Niagara Falls in arms-length transactions. NRF was not given any property, nor did it receive any financial assistance. All properties were purchased at fair market value, and no property owner has ever been forced to leave their property.
- NFR has spent more than $22 million for the demolition, asbestos removal and remediation of nearly 80 derelict, unsafe properties that formed the core of Niagara Falls’ economically challenged downtown. As a part of its remediation efforts, NFR was an early partner with Buffalo ReUse. Buffalo ReUse, a not-for-profit group committed to providing job and educational opportunities, cross-training in the trades, marketing, sales, and leadership development. NFR worked with the agency in an effort to recycle building materials while providing Buffalo ReUse with a platform that allowed the agency to engage its clientele in its training program.
- Another $3.2 million has been spent for security, repairs and maintenance. As a result of the NFR’s efforts (working closely with the Niagara Falls Police Department), NFR properties are among the safest and most secure of any in the downtown area.
- NFR has also made more than $1.4 million in charitable donations to local schools, community groups and nonprofit organizations
- Property taxes and school taxes have totaled nearly $8.66 million, along with various municipal utilities. This makes NFR and its subsidiaries among the largest taxpayers in Niagara Falls.
- In addition to this investment, through its subsidiary Niagara Falls Aviation, NFR had operated the award-winning Niagara Falls International Airport until November 2013, employing up to 40 full and part-time employees throughout the year. In total, NFR paid nearly $13.8 million in salaries and related benefits to employees in the Niagara Falls area.
- NFR has also made more than $1.4 million in charitable donations to local schools, community groups and nonprofit organizations.