Niagara County IDA approves fund transfer to acquire Main Street properties

Oct. 18—The Niagara County Industrial Development Agency has authorized the transfer of the balance of the available cash in its Cataract Tourism Fund — roughly $204,000 — to the Niagara Falls Urban Renewal Agency (NFURA) to allow the agency to acquire between 22 and 23 north Main Street properties previously owned by Blue Cardinal Capital and the Rapids Theatre.

NFURA told the county agency that the purchase of those properties, for a total of $1.74 million, will allow the city, the state, Niagara County and the Niagara Orleans Land Bank to control future development in the blighted Main Street corridor by blocking a single developer from acquiring all or a majority of the properties.

NCIDA officials said at their meeting on Oct. 9 that the $204,000 transfer would leave "a few cents" in the fund, which was established using state funds in 2018 to support tourism-related projects in the Falls. IDA staffers suggested that state Sen. Robert Ortt (R-North Tonawanda) was seeking to replenish the fund with additional money.

Both the Blue Cardinal properties and the Rapids are in bank foreclosure proceedings.

In its application to the IDA, the city, county, state and land bank partnership, led by the Falls' Director of Planning Kevin Forma, argued that acquiring the north Main Street properties would "enhance the city's urban landscape for residents and guests alike." The coalition also maintains that the acquisitions are "a crucial step" toward revitalizing Main Street, a once-vibrant commercial district that has been marked by empty storefronts and vacant buildings for decades.

"The reimagining of the Main Street properties aims to create a vibrant, pedestrian-friendly environment that caters to the needs of both residents and visitors," the URA said in its application for funding. "The vision is a bustling streetscape with diverse retail, dining, and entertainment options that will enhance the overall tourist experience in Niagara Falls."

The agency also told the IDA board that the ownership of the properties in the past, by a single individual or group, has "hampered development."

In requesting the funding, the joint city, county, state and land bank partnership told the IDA they have already reached "an agreement with each of the financial institutions" currently holding the mortgages for the properties to acquire the properties.

The $204,000 is expected to be used primarily for the Rapids Theatre purchase.