Gov. Scott offers assistance for Kingdom Con ‘pit’ in Newport
NEWPORT, Vt. (WCAX) - Seven years after a huge hole was created in downtown Newport, there may be progress toward filling it.
Governor Phil Scott Friday afternoon was just feet away from what some locals call “The Pit.” He was in town for a ribbon-cutting of a new health clinic, but was asked about the pit, which was created when nine buildings were demolished in 2015 to make way for a $50 million complex using EB-5 funds. That plan died due to the Kingdom Con scandal, a Ponzi-like scheme that took millions out of foreign investors. But now the governor says the state is working with the city to develop the property.
“We’re helping them, we have money available that we’re making available to do this, but we’ll be doing our part as well.
Scott declined to speculate how much funding but he says the funds will come forward when city officials have a firm plan. The property is still in the hands of the receiver and needs a buyer but the city has hired an architect to work on plans.
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