The High Falls on the Chagrin River attracted the first setters to the area and gave the town its name. It continues to attract visitors and inspire artists by its natural beauty.
The use of water power was familiar to the early residents who arrived from Massachusetts where mill towns grew up along its many rivers. The High Falls powered one of the first mills on the river. A 4 foot dam was built on top of the falls which provided power for a grist mill on the south side of the river, while a sluice provided the water to power industries on the north side of the river.
In 2003 an Ohio Bicentennial Marker was placed at the top of the Stairway to the Falls to commemorate the importance of the High Falls to the history of the village.