Newport looks to fill gaping hole left in city by failed EB-5 projects

Published: Aug. 3, 2022 at 10:14 AM EDT
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NEWPORT, Vt. (WCAX) - Newport is taking new steps to manage an unfinished lot from failed EB-5 projects at the Main Street development site.

Monday night, the City Council voted to use the remaining state funding from the “Discover Newport” grant project to form a plan to fix the pit.

The city will spend up to $40,000 to fund an analysis of an existing state office building and pay for consulting firm services.

“There are other buildings around that need to be looked at with a fresh set of eyes. And that’s what we’re optimistic that this next batch of money from the governor and the ACCD are going to do for us,” Newport City Manager Laura Dolgin said.

The Main Street Development Lot was formed in 2015. Using EB-5 funds, nine buildings were demolished and the plan was to create a complex in their place. But it was never completed due to the Kingdom Con Ponzi scheme that took millions from foreign investors.

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