Niagara Falls mayor pointing to high interest rates, inflation, cost of doing business, city looking for balance with development charges
The clock is ticking for the City of Niagara Falls to get that construction site at Ferry and Stanley moving again.
Mayor Jim Diodati says as with many developers, the last one couldn't fight high interest rates, inflation, and cost of doing business.
He adds the city must cut back development charges, but those also pay for development. "I can tell you, we've spoken with the receiver, we've spoken with potential developers that could move it forward. If we don't get someone to move on it soon, that hole will have to be reinforced, or filled in. So, we want to make sure we keep the DC incentives alive."
The plan is for 3 apartment buildings, with commercial at the base, to go there.
He adds the city is trying to balance development fees.
"Even for real solid developers, unless they've got cash sitting in a bank, banks are very leery about lending out money. They want to be assured they're not going to lose their investment."
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