My parents grew up in the falls, I went to Niagara and lived on fourth street for the last 2 years of my college years. My wife and I used to grab sandwiches and hang out on the islands. I haven't been back there in years, only because whenever we bring visitors, they want the "development" found on the Canadian side. While I agree that more can be done on the US side, I think it could be done in other areas and not in that park.
Unfortunately, it always seems that no matter how much money goes into that city, the unions and politicians make it disappear. I watched the Winter garden open, (I was one of the first security guards there) such a gorgeous place, given 5 years they turned it into a complete cesspool, opening it to the food court, the fountains were drained and the original plantings died and were replaced with hearty crap that could handle the the uncontrolled management that went on there. It was one of the saddest things I saw when I came back about 5 years after graduation and saw what became of the place. Other projects that just screamed corruption include the Library on main street that was in disrepair and in need of a new roof withing 5 years of completion. The waterpark was another debacle. Hopefully the windfall coming in from the latest casino infusion will find it's way to actually do something to help the city become a city that can sustain itself, you have millions of visitors coming to the area, do something to keep them on this side of the bridge. Messing with that park was a waste of money, but, spending more to restore it might be more of a waste.