The Ithaca Falls form a natural amphitheater, 150 feet high and 175 feet wide. Water cascades into a plunge pool which is popular with fly fishermen for the lake-run trout and salmon found there. Swimming is prohibited. In the early 19th century a diversion dam was built above the falls to channel water to several mills. Falls Creek Village sprang up but is now in ruins. The dam collapsed in 2013. The land surrounding the falls is within the city limits. The city acquired the falls from Cornell University in 2000 and additional land to the north when the owner defaulted on taxes.
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