Newport Development Fund Grant CLOSED (1/5/2022)
OVERVIEW:
The Newport Development Fund (NDF) will be used for impactful investment and use for the specific purpose of creating economic development opportunities within the City of Newport.
INVESTMENT IMPROVEMENTS:
The Newport Development Funds should be used for impactful projects that align with the City of Newport plans to ensure the use of NDF dollars are effective, relevant, and informed by current and anticipated economic development opportunities which would create job opportunities for the citizens of Newport and its surrounding areas.
ELIGIBILITY:
To be considered for an award eligible entities must be a business or not-for-profit entity operating within the City of Newport Vermont as referenced in the Opportunity Zone boundaries designated by Governor Scott and set by the Internal Revenue Service.
Proposed project must NOT be a planning activity or feasibility study or will result in creating or preparing a strategic proposal. All projects must demonstrate realistic job creation or job retention.
Entity must have, and be able to prove, 10% equity in the proposed project.
Must have, or be able to report on progress of obtaining, the proper permits and permissions necessary to move project to completion.
Entity must have the ability and processes in place to move forward on project in a timely fashion.
Entity must have the funds, means and capacity to move project forward. NDF Grant program will reimburse acceptable expenses and not provide funding beforehand.
The entity must be registered with the Vermont Secretary of State.
Not-for-profits must demonstrate their legal status by the Internal Revenue Service.
HOW IT WORKED:
Potential projects indicated their need by submitting a Letter of Intent due no later than 5:00 p.m. October 5, 2021, with a narrative including:
- A summary description (700 words or less) of the proposed development of facilities and/or opportunities for regional economic development. All projects must demonstrate realistic job creation or job retention.
- Applicant needs to describe its capacity to see project through and means to accept and allow for reimbursement from the NDF.
- A simple outline of project costs and budget estimate: Capital costs associated altogether or exclusively with major maintenance, operation, renovation related to the development of facilities and/or an initiative that is reasonably expected to create or retain job opportunities in the City of Newport.
- Applicant must demonstrate that they have at least 10% equity in the proposed project.
- Applicant must indicate that the overall request from NDF is less than 50% of the entire proposed project.
- In-kind services and labor contributions will NOT be considered as match.
- Materials can count towards match- please include amount and cost.
- The minimum amount to be awarded is $50,000, therefore making the minimum project total to be at least $100,001.
- A list, with the current status, of other leveraged funding sources. Other funding sources can include other Federal funds, Municipal support and community-raised funds. (other state funds can be listed but do not count towards 50% match)
- Brief summary of how project aligns with City/Downtown/Regional/ plans
- Increased consideration will be given to properties and entities that can demonstrate they have been adversely impacted by the EB-5 failed projects.
Determination and Selection:
The NDF Grants Committee, which is a review and selection team will be comprised from a representative from the City of Newport, a representative from the Vermont Department of Economic Development, the Vermont Department of Housing and Community Development, and Northeastern Vermont Development Association. A representative from Northern Community Investment Corporation (NCIC) will serve as an alternate. The NDF Grants Committee will convene and review the LOIs and through the stated criteria determine viable and ready projects to move forward.
All applicants will be notified of their determination and contacted after October 5, 2021. Selected proposals from the Letters of Intent submitted will be asked to complete a full application with details of those requirements included at the time of notification. The NDF Grants Advisory Committee will make the determinations to full application. The decision of the Committee is final and is not subject to appeal.
Conflict of Interest:
To ensure that the grant decision-making process is free from such conflicts and the appearance of conflicts, committee members are required to fully disclose all affiliations that constitute a conflict of interest or appearance of a conflict of interest. Each committee member who is involved in the grant review process shall disclose any affiliations with organizations applying for support and any relationship, by blood or marriage, with any individual applicant for a grant. Upon disclosure of a conflict of interest or appearance of a conflict of interest, the remaining committee members shall rule whether a conflict exists and if deemed so, the member affiliated will have to recuse themselves from the review and selection process. This member will be replaced by a representative of NCIC.