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.
The City of Newport experienced considerable loss when significant proposed developments that were purportedly to be funded by the EB-5 investor program collapsed in 2016. Since then, the community and local governments have been actively working to identify transformative replacement projects to ensure the City of Newport stays competitive and attractive to developers and investors as it recovers from this extraordinary disappointment.
The settlement funds currently being held by the State of Vermont present an unprecedented opportunity to incentivize and support developments in the City of Newport. The partners recognize that any development will likely require more funding resources than the development fund can provide and are therefore prepared to identify and leverage other resources to ensure success. With a unique local knowledge and the ability to anticipate, react, and adapt, local and regional partners will work with the State of Vermont and private entities to finance meaningful developments.
The Agency of Commerce and Community Development has worked with the City of Newport and the Northeastern Vermont Development Association (NVDA) to create two grant programs listed below:
Letter of Intent due October 5, 2021