NIAGARA FALLS, N.Y. -- Niagara Falls Mayor Paul Dyster will be announcing plans Thursday for what he's calling a major economic development project.

He'll be joined by a local development company to talk about the new project, which will be located on 7th Street in Niagara Falls.

A source tells 2 On Your Side it's a $5 million plan for market rate apartments and office space.

This comes after the state Financial Restructuring Board for Local Governments offered recommendations to Niagara Falls last month, because the city has been struggling with economic issues such as low housing values and one of the highest property tax rates in the state.