Proposed Sale To Broadweave Networks
On May 6, 2008, Mayor Lewis Billings announced a proposed sale of the iProvo network to Broadweave Networks of Lehi, UT. This sale would allow Broadweave to be both the wholesale provider and the sole retail provider. Broadweave will purchase the network for $40.6M though a city-financed loan spread over 19 years. As part of the deal, ownership of the network reverts to the city of Provo should Broadweave become unable to make its payments on the loan. The loan is currently backed by a $6M letter of credit from Sorenson Capital but requires no up-front money on Broadweave's part.
On May 16, 2008, Broadweave Networks announced that it will buy out the current iProvo service providers.
Read more about this topic: IProvo
Famous quotes containing the words proposed, sale and/or networks:
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