Strategic Plan - Economic Diversification & Growth

Fostering a balanced and sustainable local economy is achieved by expanding and diversifying the types of industries and businesses operating within the community. This involves attracting new businesses, supporting existing initiatives, and spurring innovation and entrepreneurship.

Objectives

Diversify the economy by strengthening priority sectors with business parks and cluster development.
Diversify tourism with new attractions, SMART tourism and other strategies
Retain and grow existing businesses by continuing to establish the Business Development Department (BDD) as an extension of businesses
Help small businesses by expanding and raising awareness of BDD digital tools, activities and programs
Strengthen the ecosystem by developing key assets as anchor institutions and facilitating partnerships and connections between organizations
Encourage development to support key sectors, including new businesses, industrial parks and innovation spaces
Focus on business park development
Improve mobility, accessibility and sustainability of transportation networks in Niagara Falls

Actions

Music City strategy implementation

Guitar player with close up of fret board

25% complete | On track

Key accomplishment(s)

Completed report was presented to Council on May 28, 2024
Utilization of The Exchange for Music events; showcasing of venue to stakeholders for music series
Inaugural large weekend music-focused event (Misty City)
Initiation of Niagara Falls Music Branding

Next milestone(s)

Many of the actions within the Music City strategy will undergo ongoing work. Many of the recommendations within the strategy are medium and long-term projects that will take time to complete

University of Niagara Falls support

University of Niagara Falls sign and building

50% complete | On track

Key accomplishment(s)

Assisted with the land acquisition and site plan process for new academic and residence
Launched three new innovative Masters programs; and new managed student residence

Next milestone(s)

Finalize land acquisition and complete site plan application and secure approval
Finalizing partnership to support the beautification of Downtown

Niagara Falls Innovation Hub support

75% complete | On track

Key accomplishment(s)

Collaborated with the Chief Executive Officer to submit a Federal Economic Development Agency to secure additional funding
Received RED funding for NICHE event series
Secured new location for Magnificent Women’s Market (MWM)

Next milestone(s)

Submit Federal Economic Development Application

Economic development strategy implementation

Commercial and industrial development near highway interchange

50% complete | On track

Key Accomplishment(s)

Established a University of Niagara Falls investment of $1.4 million into the Niagara Falls Innovation Hub over the next four years
Completed labour market assessment in collaboration with Workforce Collective
Development of Film Policy, and collaboration with Ontario Creates to promote Niagara Falls as a destination for film production
Curated industry specific programming and events for small businesses (ie, Foodpreneur Advantage Program)

Next Milestone(s)

Most of the action items within the 2023-2027 Economic Development Strategy will undergo ongoing work. Many of the projects are long-term and will take time to complete.

Niagara District Airport redevelopment

25% complete | On track

Key accomplishment(s)

Completion of 2025-2045 Airport Master Plan

Next milestone(s)

Preparation of capital and phasing plan

Acquire lands for the new Business Park land development

Aerial view of land for the new business park

100% complete | On track

Key accomplishment(s)

Purchased 237 acres of land at Sodom Road and the Queen Elizabeth Highway (QEW)
Land closing completed

Next milestone(s)

A two-season environmental study is taking place
Review the servicing plan
Land closing completed

New tourism product development

50% complete | On track

Key accomplishment(s)

Worked with tourism stakeholders and the provincial government on new product development for the destination
Worked with Marineland to support the sale and redevelopment of a new development
Actively working with stakeholders on new tourism attractions

Next milestone(s)

Final sale of Marineland

Employment land study

Construction of The Exchange market hall

100% complete | On track

Key accomplishment(s)

Completed

Next milestone(s)

Secure land for employment land purposes
Investigate additional land for employment land purposes

New official plan

75% complete | On track

Key accomplishment(s)

Completed Phase 1, project initiation & visioning
Completed Phase 2, background research & discussion papers
Completed Phase 3 - Policy directions
Phase 4 - Draft Official Plan nearing completion

Next milestone(s)

Phase 4 - Draft Official Plan to be released for public consultation in January 2026
Phase 5 - Approval process winter/spring 2026

New city-wide comprehensive zoning by-law

<25% complete | On track

Key accomplishment(s)

Commencement will begin following approval of the new Official Plan

Next milestone(s)

Start-up expected in mid 2026

Weekday GO Train service to Niagara Falls

50% complete | On track

Key accomplishment(s)

Working with tourism industry stakeholders, MetroLinx and the Niagara Region to support the full-time weekday GO service goal
Weekend GO train services have been expanded by four total trips (two departures, two arrivals)
Renovation of Niagara Falls Train station completed

Next milestone(s)

Additional work with CN, which leases the track
Required infrastructure work