The full study is available at: http://www.projectniagara.ca/
The study says that Project Niagara is both feasible and sustainable. On the surface, it describes an appealing cultural event, thoughtful plans, careful analysis, and attractive financial benefits.
It also confirms that this is an expensive, high-risk proposition. Details from the study reveal:
- Commercial success depends on strong linkage with the bicentennial of the War of 1812.
- To achieve that tie in, the schedule is aggressive, with many parallel activities, and a presumption that no issues will arise from environmental assessments and traffic studies.
- The cost estimates are preliminary.
- Fund raising will be challenging.
- Sustainable operations require ongoing fund raising of $5 million per year.
- Attendance projections are optomistic. The economic impact analysis was conducted before the current downtown, from which some experts predict it will take years to recover. A recent Ipsos-Reuters survey found that 72% of households have cut back on spending, with entertainment and vacations as the top targets.
We believe the benefits are also over-stated. The majority of the jobs created will be low-paying, part-time seasonal positions. Also, the study assumes 79% of visitors will come from other parts of Canada. So while there may be benefit to the Niagara Region, expenditures on Project Niagara will be money diverted from entertainment and vacation spending elsewhere in the country. It will not be generating net new economic growth.
To view further details click here and select "download" at the bottom of the page.