Governor Phil Scott and Department of Economic Development Announce Latest Round of Rural Industry Development Grants

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A factual summary is pending editorial review. The complete official release is reproduced below with issuer attribution and a direct link to the original publication.

Official release

Source material from Vermont Governor’s Office. The wording below is the issuer’s statement.

Montpelier, Vt. – Governor Scott and the Department of Economic Development today announced $1.79 million in Rural Industry Development Program (RIDP) grants to return two long-vacant, blighted downtown properties to productive use in Montpelier and Newport.

“These grants will help Montpelier and Newport transform properties in their downtowns and put them back to good use,” said Governor Phil Scott. “By giving them the tools they need, they’ll have an opportunity to revitalize their downtowns for both residents and visitors to enjoy for years to come.”

Both Newport and Montpelier have contended with vacant and underutilized property in their downtown. RIDP funding will provide a catalyst to help both communities reclaim these sites, removing blight and create space for future housing and businesses. RIDP provides grant funding to regional and local development corporations in areas that can accommodate business and residential growth. Grants can be used to purchase, remove, build, or renovate a property.

“Both of these sites are ready for redevelopment and have the potential to showcase how important our downtowns are to economic and community development. RIDP is helping give both communities the ability to move forward in positive ways,” said Commissioner Lyle Jepson of the Department of Economic Development. “RIDP is an important tool for restoring vacant and blighted properties and for clearing the way for economic and community vitality in places that need it most.”

The Northeastern Vermont Development Association has been awarded a $1 million RIDP grant to purchase the 1.31-acre Newport Main Street Block, creating an opportunity to redevelop a vital downtown property. Future redevelopment will create jobs and housing, expand commercial and retail opportunities, and foster a more vibrant downtown Newport.

The 87 State Street Local Development Corporation has been awarded a $790,000 RIDP grant to purchase and maintain the former post office property in Montpelier while future development options are finalized. This will provide an opportunity to address Vermont’s housing needs and provide additional commercial and retail space by bringing back into use a building impacted by the 2023 flooding.

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Release text attributed to Vermont Governor’s Office. Consult the official publication for any subsequent corrections or updates.