By Kay Stubbs
We here at the Niagara Falls Reporter have been told that we do not have enough happy news. After all, is there not good news, as well as bad news?
Yes. There is happy news!
For example, Niagara Falls is visited by eight million tourists per year, all of whom have money in their pockets to spend!
The bad news is the city is broke. In fact, Niagara Falls, N. Y., is the only city in the history of the world known to be broke after having such a large influx of tourists year in and year out.
Niagara Falls, Ontario, (the city right across the river with the same name), on the other hand, is a boom town.
The happy news is, however, due to the sudden drop in the elevation of the Niagara River at the waterfalls, Niagara Falls generates nearly $1 billion in hydropower every year.
The bad news is somehow the locals don't get the benefit. Niagara Falls residents pay the third highest electrical rates in the nation.
Ah, but we have more happy news: The Seneca Nation own 50 acres of casino land and pays, on average, $20 million to the city per year, an amount almost equal to what is paid by the entire taxpaying property owners in the city.
The bad news is we are still broke. More business have closed rather than opened since the casino opened its doors in 2003.
The area around the casino is desolate.
Niagara Falls taxpayers are ranked 2nd in the entire nation for highest property taxes.
Stay tuned next week for more happy news.
|Niagara Falls Reporter - Publisher Frank Parlato Jr.||www.niagarafallsreporter.com||
Feb 25, 2014