Your Questions

NVDA is the recipient of a $1,000,000 Rural Industry Development Program Grant (RIDP) from the State of Vermont. NVDA will cover the balance of the purchase and carrying costs with funds on hand. The closing is expected to take place in October, 2026.

The City did not have the funds immediately available to purchase the property. RIDP is only available to regional development corporations and often provides substantial funding that is not otherwise available to municipalities. We are very fortunate to have such a partner like NVDA. Additionally, NVDA has the resources to manage the brownfields testing and remediation work that will be required in order for the property to be developed.

The plan is to transfer ownership of the Development Block to the City or to an appropriate developer or partner for a nominal fee. Newport’s City Council will work with NVDA to vet potential proposals from developers.

Yes - This is part of the carrying cost that NVDA will cover during this time. 

NVDA will commence brownfield assessment and remediation immediately upon closing, which is expected in October.  

NVDA has EPA grant funds to complete this work. 

The Newport Initiative team is evaluating different options  to make the property an asset rather than an eyesore during the pre-development period. That effort is not likely to commence until the spring of 2027, after brownfield work is completed. This work will require removing trees that have grown in that space.

The purchase of the property is the first step in a multi-phased approach for intentional and transformative redevelopment of this prominent property in the downtown core. Recognizing that development is time consuming and challenging in this current construction environment, the team is hopeful that construction could commence as early as 2028.