Niagara Falls city council voted to help Niagara River Trading Company with 10-year tax deferral
Niagara Falls city council has approved a 10-year tax deferral, through the Community Improvement Plan, for a company planning to expand on Progress Street.
The city says Niagara River Trading Company will keep 60 workers, and add another 50 to 60 more.
Councillor Lori Lococo says while the city may be giving up some concessions, there are benefits to this CIP initiative. "And I just wanted to stress that we all realize that this was a very bad tax year, and we're looking at next year, but we're very conscious at what we're doing. So, I just wanted to point that out, because residents are looking at that, that we're just giving away money and they're sitting at home struggling."
Mayor Jim Diodati echoed the CIP is not corporate welfare as some suggest, but a way to spur growth.
Planning Director Andrew Bryce says the expansion of Niagara River would not have happened before without the program, and thereby bringing in more jobs and taxes.
"The city is heavily reliant on the tourism industry for employment. We've seen in the last few years if you don't get the tourists, you don't necessarily get the jobs. So, this will help diversify," he says.
In speaking of the Community Improvement Plan, Councillor Ruth-Ann Nieuwesteeg says it's helped business owners to take further risk.
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