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Niagara Falls has long been a magnet for daredevils. But strict laws have kept away stunt performers for more than a century. Well, that's expected to change next week. Nik Wallenda of the famed Flying Wallendas Family will walk on a two-inch thick wire above the waterfall. Officials in Niagara Falls, New York hope the stunt revives tourism and the city's economy. Daniel Robison has more.

DANIEL ROBISON, BYLINE: Here at the Haunted House of Wax in Niagara Falls, visitors are greeted by two signs, one that beckons them to meet ghoulish wax figurines and another advertising that the building's for sale. It's a common sight in a downtown that's also dotted with empty lots and tacky gift shops. But some people still remember the glory days.

PAUL GROMOSIAK: Here are all my memories. God, I've got so many memories. Oh Lord. I'm telling you. But I love it.

ROBISON: Paul Gromosiak has lived here for 70 years. He keeps a homemade model of Niagara Falls on his kitchen table. Cotton balls represent the waterfall's famous mist and little flags on toothpicks mark stunts from the past 200 years. He's already added one for Nik Wallenda.

GROMOSIAK: You'll notice that Wallenda is the only one who has chosen to set up his rope right over the falls.

ROBISON: Gromosiak also wrote a book about death-defying stunts at Niagara. Large crowds have always flocked to daredevils trying to conquer the Falls. He says the city was most alive during these times. That changed when Gromosiak was 9 years old.

GROMOSIAK: Red Hill, Jr. went over the Horseshoe Falls with a piece of the Blarney Stone, a baby doll and a rabbit's foot.

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UNIDENTIFIED MAN #1: A throng estimated at 200,000 watch tensely, expectantly, as Red Hill, inside his inner tube barrel is towed out on the river and then cut loose. It's man versus the elements and man loses.

GROMOSIAK: It fell apart and so did he.

ROBISON: After Hill's death in 1951, stunts were outlawed. While many daredevils asked for waivers, none were granted until last year. Niagara Falls officials say they were swayed by Nik Wallenda's promises to re-create a daredevil atmosphere - but to do it safely.

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UNIDENTIFIED MAN #2: He looks like a daredevil.

ROBISON: Hundreds of spectators watched Wallenda's every step as he practices on a wire 10 feet above a mostly empty parking lot. Local Paul Gromosiak hasn't seen a crowd this big in a long time.

GROMOSIAK: It's something I'm never going to see probably again in my lifetime. I would think that it would help tourism. Can't hurt it, that's for sure.

ROBISON: Since the 1960s, the population of Niagara Falls has fallen by half. After practice, Wallenda tells the crowd his wire walk will start the city's comeback.

NIK WALLENDA: How cool would it be if we could say that the economy in Niagara Falls, New York, changed after Nik Wallenda walked from one country to another?

ROBISON: He steps off the stage and greets a handful of fans.

WALLENDA: How you doing?

UNIDENTIFIED WOMAN: Would you sign these for my family?

ROBISON: He signs autographs and tells the group to support local businesses. Maggie Daniels is a tourism professor at George Mason University. She says one event can only go so far.

MAGGIE DANIELS: Honestly, the next thing is going to come up. And so there are things like this happening all over the globe all the time. And I do think it's kind of a unique, interesting thing to do. But the week after it, people are going to be saying, oh, what other crazy thing is going on in the world?

ROBISON: But local tourism board president John Percy says the event is the city's best shot to turn around its sagging fortunes. Tens of thousands of spectators are expected to attend, and ABC is airing the stunt live in prime time. Percy expects ripples to be felt for years.

JOHN PERCY: That alone, that value of that publicity is worth its weight in platinum, not even gold. It's worth millions and millions to this destination. Any destination would give their right arm for that kind of publicity.

RON ADERLUH: Well, we can use all the help we can.

ROBISON: Ron Aderluh runs the Niagara Street Business Association which represents mom-and-pop stores that rely on summer tourists. He says stores are counting on Wallenda to attract visitors that wouldn't come otherwise.

ADERLUH: They're going to buy food, they're going to buy lodging, they're going to buy souvenirs. That's what economic development is all about.

ROBISON: But Nik Wallenda's biggest impact may be the door he's opened for other daredevils to perform at the Falls. Requests have already started pouring in. Officials have pledged they won't allow any more stunts for 20 years, but they've changed their minds before. For NPR News, I'm Daniel Robison in Buffalo, New York.

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