OLEAN, N.Y. — Just over a year and a half ago, Cattaraugus County experienced what county officials have called “a real punch to the gut” after the former Dresser-Rand manufacturing plant closed. Within the next few weeks, that is all set to change as two major companies, which are spearheaded by Miami Dolphins owner Stephen Ross, are set to bring it back to life.
“Feb. 3, 2021 was a dark day. There's no question about it,” said Cattaraugus County IDA Executive Director Corey Wiktor.
That day Cattaraugus County was blindsided, as 800 of Olean’s 13,000 residents were left without jobs when the plant closed its doors for the first time in over a century.
“This is our Grain Elevator. This is our Seneca One tower. This is our fiefdom of economic development, history and progress,” Wiktor said.
“We want to see tomorrow happen."
For Cattaraugus residents, tomorrow may be here sooner than they think, as the New York City-based real estate investment company The Related Companies and Italian steelmaker Cimolai S.p.A are teaming up to invest $56 million into the town’s abandoned 88-acre landmark, creating 246 jobs.
“It will ensure that this building will not become yet another empty, vacant building that will be a burden for the local community,” said New York State Senator George Borrello.
“This will see vibrancy return to the Dresser-Rand facility.”
That vibrancy is what caught the eye of these international companies, as they saw the potential in the blue-collar workforce the area has to offer.
“These are men and women that wake up every day with a hard hat mentality,” Wiktor said.
“They're not afraid to get dirty. They're not afraid to work long hours, and I think that separates Olean, New York from the rest of the country.”
The deal isn’t quite there yet, as the companies are asking the Cattaraugus County IDA for a package of tax incentives that include $400,000 in sales tax breaks, $125,000 in mortgage-recording tax breaks and a 20-year enhanced manufacturing facility property tax break that would have them paying no property taxes for the first 15 years.
These are breaks the CCIDA says it's happy to award because the county expects to make $7 for every $1 that’s invested — estimating upwards of $300 million in total profit.
“These are career jobs,” Wiktor said. “These are family and living wage jobs. We understand these are not just moving a forklift back and forth. This project to us has one opportunity, and we can't fail to have this type of company located in our county.”
The CCIDA said the project could be approved by the end of the month, and once that happens construction will begin immediately with doors projected to open as soon as January 2023.