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

Next milestone(s)

Begin implementation

University of Niagara Falls support

University of Niagara Falls sign and building

25% complete | On track

Key accomplishment(s)

Assisted with the land acquisition and site plan process for new academic and residence

Next milestone(s)

Finalize land acquisition and complete site plan application and secure approval

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

Next milestone(s)

Submit Federal Economic Development Application

Economic development strategy implementation

Commercial and industrial development near highway interchange

<25% 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.
Working with Workforce Collective to establish a labour market assessment; taking an active role in the Community Improvement Plan (CIP) Review and New Official Plan; and implementing short-term goals as part of staff work plans.

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)

Completed first phase report of the expansion plan

Next milestone(s)

Runway expansion planning process to begin

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)

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

Next milestone(s)