SCHUMER LAUNCHES MAJOR EFFORT TO SECURE $15 MILLION IN JOB-CREATING NEW MARKETS TAX CREDITS FOR THE REDEVELOPMENT OF THE MANUFACTURERS HANOVER BUILDING IN OLEAN, NEW YORK; SENATOR SAYS MODERNIZATION WILL SUPPORT JOBS, CREATE CRITICAL AFFORDABLE HOUSING AND BOLSTER OLEAN’S REVIVAL

Senator Praises Historic Redevelopment Of A Building That Has Been Vacant For More Than 20 Years 

Schumer: New Markets Tax Credits Are An Investment Olean Needs And Deserves

U.S. Senate Minority Leader Charles E. Schumer today announced his support for a New Markets Tax Credit allocation to Savarino Development for the redevelopment of the Manufacturers Hanover building in Olean, New York. Schumer said the $15M project is a historic rehabilitation and adaptive reuse of a vacant property. Schumer added that once complete, the project will include affordable apartments, a boutique hotel, and mixed-use space on the ground floor. Schumer said Olean is on the cusp of an economic revival and the infusion of New Markets Tax Credits will push the project over the finish line.

“Olean is on the cusp of a major economic revival, and the redevelopment of the Manny Hanny building is exactly what the city needs to create more forward momentum. This is the kind of the project the feds should support, and it is a crucial step in the revival of Olean.  This project will create affordable housing and bring commercial establishments to enhance this great community,” said Senator Schumer. “That is why I am throwing my full support behind Olean’s push for New Markets Tax Credits, which provide pivotal federal investment for communities to make the kinds of upgrades they need to compete and grow. This could be a huge shot in the arm for the Western New York economy, and a tremendous opportunity for residents and visitors alike. I am going to fight tooth and nail for this much-needed federal investment that will turn Olean’s largest building into an economic hub.”

Constructed in 1915, the seven-story, 42,000 square foot structure is the tallest building in the city and an architecturally significant asset to the community. Schumer said the City of Olean, New York lies in a qualified severely distressed census track, with a 42 percent poverty rate and an 18 percent unemployment rate. But, Schumer joined community leaders and vowed for greater federal investment in Olean. Schumer said the investment will push Olean forward, and that the city is already ripe for development, as Olean’s downtown neighborhood is walkable, bikeable, and ADA compliant. Residents are within walking distance of the Alleghany River and are close to diverse employment opportunities in services, retail, medical, and industrial sectors. Additionally, proximity to Jamestown Community College and the Olean Business Development Center are key to attracting younger and college-educated residents. Schumer said the amenities, businesses, and value added through the Manny Hanny project will support this community on the verge of a revival, and that the project will revitalize a building which has been otherwise vacant for over 23 years.

Merrill Hoopengardner

President

National Trust Community Investment Corporation

Dear Ms. Hoopengardner:

I write today in support of a New Markets Tax Credit allocation to Savarino Development for the redevelopment of the Manufacturers Hanover building in Olean, New York. This $15M project is a historic rehabilitation and adaptive reuse of a vacant property, which will create affordable apartments, a boutique hotel, and mixed use space on the ground floor. Constructed in in 1915, the seven story, 42,000 square foot structure is the tallest building in the city, and an architecturally significant asset to the community. In addition to funding from New York state, the project is also qualified for Historic Tax Credits.

As you may know, the City of Olean, New York lies in a qualified severely distressed census track, with a 42% poverty rate, and a 18% unemployment rate. However, community leaders envision a vibrant future for their city. The Olean Downtown neighborhood is walkable, bike-able, and ADA compliant. Residents are within walking distance of the Alleghany River, and are close to diverse employment opportunities in services, retail, medical, and industrial sectors. Proximity to Jamestown Community College and the Olean Business Development Center are key to attracted younger and college-educated residents. The amenities, businesses, and value added through the Manny Hanny project will support this community on the verge of revival, and the project will revitalize a building which has been otherwise vacant for over 23 years.

The future is bright for the City of Olean, and the redevelopment of the Manufacturers Hanover building is critical to realizing that vision for the future. I offer my full support of this project, and hope that it will receive a New Markets Tax Credit allocation this year.

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