Niagara Falls mayor shares updates on $220M arena project

NIAGARA FALLS, N.Y. (WKBW) — As the Niagara Falls City Council prepares to vote on the use of city funds to acquire the land for a $220 million arena project, Mayor Robert Restaino shared updates on his ideal construction timeline.

Plans for the 6,000-seat arena are coming closer to reality, as the city council voted to agree on a property settlement with Niagara Falls Redevelopment (NFR), the longtime owner of the 907 Falls Street property.

The settlement, among other things, "donates" 907 Falls Street to the city so that it can build its $220-million Centennial Park stadium concept.

WATCH: Niagara Falls mayor shares updates on $220M arena project

While the settlement lists the property as a "donation," it will still cost $4.029 million, as a "reimbursement of costs and expenses incurred by NFR in connection with the Donated Property."

Niagara Falls City Council is now set for another vote. This time, about allowing that roughly $4 million to come from the city’s fund balance.

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"The fund balance is probably somewhere in the $22 million range, and the reserve is $15.5 million, so if you take out the $4 million that is being projected for the acquisition costs, you are still looking at a little north of $3 million in excess of the reserve," Restaino said.

While discussing the project's finances, Restaino outlined his dream timeline for when work would start.

"In a perfect world,... I’d love to have this behind us, including conversations about financing, between the balance of this year and next year," Restaino said. "After some architecture and design work is done, groundbreaking in 2028. I know that may sound aggressive, but that would be my hope."

Restaino has said on multiple occasions that the Ontario Hockey League (OHL) commissioner has reached out about placing an expansion team in the arena.

The agreement between the city and NFR will rezone properties owned by NFR that are East of 907 Falls Street so that NFR can develop its $1.5-billion Niagara Digital Campus data center.

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