The ideas in the city's application included improvements to the Main Street streetscape, public art, historic preservation funds, a new building fund, and a home ownership fund in case the district's hoped-for revival leads to gentrification, where high prices could push current residents out, said Anthony Vilardo, the president of the state's USA Niagara Development Corp.

"All this needs to be fleshed out through the review process," Vilardo said. "That final decision won't be made for another eight to 12 months."

That means retiring Mayor Paul A. Dyster will be out of office by the time the final funding is announced.

"We can take pride in my administration that we laid the foundation for what I think is going to be a strong period of growth," Dyster said.

"The proposal we made was somewhat more than 50% public realm improvements, playing off the removal of the parkway," Dyster said.

"I think it's a very smart plan, otherwise I wouldn't be here today," Cuomo said.

The removal of the parkway, which Vilardo said is underway and targeted for completion in the summer of 2021, will add green space along the gorge rim to Niagara Falls' state parks and reconnect the city to the river.