OLEAN, NY -- The city will receive $10 million in funding as the Western New York winner of the second round of the state’s Downtown Revitalization Initiative.

"This well-deserved Downtown Revitalization Initiative award, which is one of the largest grants Olean has ever received, will help it build on its role as an economic, educational and recreational hub, accelerating the renewal of walkable spaces in downtown and the growth of a diverse population of additional residents," said Lt. Gov. Kathy Hochul, who announced the funding during a ceremony at Jamestown Community College’s Cattaraugus County campus n Olean.

The Western New York Regional Economic Development Council went through a competitive review process of proposals from communities throughout the region and considered all eight criteria below before recommending Olean as its nominee for winner.

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"New York is investing in municipalities poised for advancement and growth, and with this $10 million commitment to develop the City of Olean's downtown, the community will have the resources it needs to attract new businesses, improve outdoor recreation, and foster the creation of new jobs," said Gov. Andrew M. Cuomo.

Olean's second round DRI win entitles it to receive $10 million in state funding and investments to revitalize its downtown neighborhoods and generate new opportunities for long-term growth. Olean now joins the City of Jamestown, which was the Western New York region's winner in the first DRI round.

"Downtowns are the hearts and souls of our communities. With this investment, Olean will be able to revitalize downtown into a thriving, attractive destination for people in our region and beyond, ensuring its success and its future,” said Sen. Catharine M. Young, who represents the Greater Olan area in the state Senate.

“I am hopeful that this continued investment in downtown Olean will attract private sector investors and result in additional jobs for my constituents,” added Assemblyman Joseph M. Giglio, Greater Olean’s representative in the state Assembly.