“In the economic development sweepstakes environment fostered by Gov. Andrew Cuomo, the city of Olean is a big winner,” reports Rick Miller for the Olean Times Herald. “The city will receive $10 million for its Downtown Revitalization Initiative, including $300,000 for a Strategic Investment Plan, through the Western New York Regional Economic Development Council.” “Lt. Gov. Kathy Hochul made the announcement Friday at the Cattaraugus County Campus of Jamestown Community College to a group of more than 70 local elected and development officials and state lawmakers.” “‘I’m proud to announce Olean is the winner of $10 million,’ the lieutenant governor told the group. ‘Doesn’t that feel good?'” “Olean is the Western New York winner of the second round of the Downtown Revitalization Initiative. As in the first round of the DRI, one municipality from each of the state’s 10 regional economic development regions will have been selected to receive $10 million, marking another overall state goal to target $100 million in investments to help communities boost their local economies.” “The criteria during the review process to select eligible cities included compact, well-defined boundaries of a sufficient size to support a vibrant, year-round downtown. Downtowns were also required to be able to capitalize on prior or future investment in the neighborhood and its surrounding areas; have recent or impending job growth near downtown that could attract workers and redevelopment; and be attractive to diverse populations of all ages.” “Olean now joins the city of Jamestown, which was the Western New York region’s winner in the first DRI round.” “Hochul said Gov. Andrew Cuomo ‘never gave up on you.’ After the North Union Street project, ‘more change is coming’—including a comeback for a very important city building, the Manufacturer’s Hanover building at State and Union streets.” “The former bank and office building, which has been vacant for more than 25 years, is being proposed as the site that could include business space on the bottom floor and apartments or perhaps even a boutique hotel, depending on undecided developer plans. The Olean Urban Renewal Agency has selected Buffalo developer Savarino Companies as the preferred developer.” “‘People are not going to recognize Olean in a few years,’ Hochul said. ‘It will transform downtown. It will help people rediscover the importance of downtown.'”
Lt. Gov. Kathy Hochul (third from left), presented Olean Mayor Bill Aiello a ceremonial check for $10 million as a second round winner of the Western New York Region Downtown Revitalization Initiative. Others (from left) are Jeff Belt, Western New York Regional Economic Development Council chairman; State Sen. Catharine Young; Harold Zemsky, Empire State Development president and CEO; and Assemblyman Joseph Giglio. (Photo credit: Rick Miller / Olean Times Herald)
Lt. Gov. Kathy Hochul (third from left), presented Olean Mayor Bill Aiello a ceremonial check for $10 million as a second round winner of the Western New York Region Downtown Revitalization Initiative. Others (from left) are Jeff Belt, Western New York Regional Economic Development Council chairman; State Sen. Catharine Young; Harold Zemsky, Empire State Development president and CEO; and Assemblyman Joseph Giglio. (Photo credit: Rick Miller / Olean Times Herald)
