Letter to Merrill Hoopengardner, President, National Trust Community Investment Corporation - New Markets Tax Credits are an Investment Olean Needs and Deserves

Letter

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.

Source