Loveland City Council approves broadband bonding package

Loveland City Council approved a broadband bond package last night allowing the newly created Electric and Communication Enterprise to issue and sell $95.42 million in bonds to finance the construction of the City’s broadband system. The City selected J.P. Morgan as the senior managing underwriter for the broadband project in August 2018 through an RFP process.

The bonding process takes approximately 60 days from the first reading of the bond ordinance, which took place on Dec. 18, 2018. Minibonds will not be included in initial issuance but will be evaluated for later financing stages.

The new citywide broadband network will make fiber-optic internet service available to every home, business and school in Loveland. The full network build-out is estimated to take approximately three to four years once construction begins. Service to the first broadband customers will happen as areas are built out and service becomes available. As another internet service provider choice, Loveland Broadband will provide the community access to light-speed internet at affordable prices.

With financing secured, the broadband team is moving forward with critical steps including developing plans, processes and systems; hiring and onboarding key staff roles in engineering, operations, sales and marketing; finalizing the fiber-optic network design; setting-up facilities; developing the broadband brand and building a local call center.

The City’s first broadband staffing announcement came in December as Brieana Reed-Harmel was named municipal fiber manager after leading the broadband project since June 2016 as project manager.

Loveland City Council approved a community-driven and city-owned fiber-optic broadband network in November 2018. Additional details, other news and broadband archives are available at cityofloveland.org/Broadband, by email at broadband@cityofloveland.org or by telephone, 970-962-2010.


Categories: broadband, financing
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