2014

Niagara Falls Redevelopment (NFR) Announces Updated Total of More Than $60 Million Invested to Revitalize Niagara Falls USA

NIAGARA FALLS, N.Y., July 8, 2013 /PRNewswire/ -- Niagara Falls Redevelopment (NFR) today announced that it has now spent more than $60 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 June 30, 2013, and represent one of the most significant private investments of capital in the City of Niagara Falls in its history. NFR made this investment without the benefit of government subsidy of any kind. 

Included in NFR's investment are the following:

  • NFR has carefully assembled more than 440 parcels of prime real estate in downtown Niagara Falls. 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 ReUseBuffalo 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 $2.2 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.
  • Property taxes and school taxes have totaled nearly $5.6 million, along with various municipal utilities. This makes NFR and its subsidiaries among the largest taxpayers in Niagara Falls.
  • NFR has also made more than $1 million in charitable donations to local schools, community groups and nonprofit organizations.

In addition to this investment, through its subsidiary Niagara Falls Aviation, NFR operates the award-winning Niagara Falls International Airport, home to up to 40 full and part-time employees throughout the year. In total, NFR has paid $11.1 million in salaries and related benefits to employees in the Niagara Falls area.

Anthony Bergamo, CEO of Niagara Falls Redevelopment, said: "We have made a long-term commitment to Niagara Falls, and we're proud to continue to invest in safety, security and community. We continue our aggressive search for development partners, with meetings and presentations occurring nearly every week."

"We believe in Niagara Falls," Mr. Bergamo added, "and believe the local community should continue to come together to create the right environment for economic development, tourism and jobs."

About Niagara Falls Redevelopment 

Niagara Falls Redevelopment, LLC (NFR), is a privately owned development company dedicated to the redevelopment of one of the most famous tourist destinations in the world. NFR is owned by philanthropist and businessman Howard P. Milstein. The Milstein family has a long and storied history of seeing the potential in economically challenged communities.

Over the course of more than a decade, NFR has assembled more than 440 properties of prime ready-to-develop land, directly adjacent to the Seneca Niagara Casino Hotel and Spa and just a short walk from Niagara Falls. NFR has done so without government subsidy, and despite the fact that other major developers have abandoned plans to restore the area surrounding one of the most famous tourist destinations in the world.

NFR believes deeply in the importance of being a good neighbor and responsible member of the Niagara Falls area community. The company has donated to many organizations that help make Niagara Falls a great place to live, to work and to raise a family, and takes great care to ensure its development sites are clean, safe and secure.

NFR also employs dozens of Niagara Falls area residents through its subsidiary Niagara Falls Aviation, the fixed-base operator (FBO) at the Niagara Falls International Airport. Thanks to NFR's and NFA's teamwork, Spirit Airlines has rated NFA's services 1st in their scorecard ranking of the 57 cities Spirit serves.

SOURCE Niagara Falls Redevelopment




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