The park contains a historical marker that states that Pratt’s Falls was the site of the first mill in Onondaga County. It was built at the top of the falls in 1796 by Manoah Pratt, Sr. and Abraham Smith as a sawmill. In 1798 it was transformed to a flour mill which was in operation until 1874. It’s been a little difficult to find more information about the mills online, but the local historical society could probably give a lot more details if that is something you have an interest in.
In 1931 the land was purchased by Onondaga, which with the help of the Civilian Conservation Corps, developed the land into the park which opened in July of 1934.