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

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<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

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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

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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

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<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

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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

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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

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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)
  • Final sale of Marineland.  

Employment Land Study

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100% Complete
Completed
Key Accomplishment(s)
  • Completed.
Next Milestone(s)
  • Secure land for employment land purposes.

New Official Plan

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25% Complete
On Track
Key Accomplishment(s)
  • Completed Phase 1, Project Initiation & Visioning. 
  • Completed Phase 2, Background Research & Discussion Papers. 
  • Presented to Council on June 18, 2024.
Next Milestone(s)
  • Phase 3, Policy Direction, to commence August 2024.
  • Phase 4, Draft New Official Plan. 
  • Phase 5, Approval Process.

New City-Wide Comprehensive Zoning By-Law

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<25% Complete
On Track
Key Accomplishment(s)
  • Commencement begins following approval of the New Official Plan.
Next Milestone(s)
  • Start-up expected in early 2025.

Weekday GO Train Service to Niagara Falls

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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.
Next Milestone(s)
  • Additional work with CN, who leases the track.
  • Required infrastructure work.